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EUR JPY Weak if breaches below 111.06/00

10/07/2016 // 08:36:00 pm

The EURJPY pair weakened for a third continuous session yesterday and finished at 111.48, after notching a low at 111.22. Daily MACD is trading in the negative territory along with the RSI and stochastic indicators are pointing south, indicating at a weak technical outlook. On the 8H chart as well, momentum oscillators are trading with a negative showing, further affirming the above stance. Key near term support is situated at the 2H lower Bollinger band (currently trading at 111.06/00), a move back below which might lead to increased selling pressure on the pair, with the 8H lower Bollinger band (currently trading at 110.75) and 110.50 levels as the next likely supports. However, 2H & 4H RSI and stochastic heading north suggests at potential recovery in the short term. Key resistance is placed at the 111.86/90 level, followed by the 112.23/25 and 2H upper Bollinger band (currently trading at 112.53/55) levels.

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