EUR/JPY Intraday: the RSI is overbought
Feb 11, 2025 11:23 PM
as long as 157.29 is support look for 159.51.
Our pivot point is at 157.29.
Our preference:
as long as 157.29 is support look for 159.51.
Alternative scenario:
the downside breakout of 157.29 would call for 156.52 and 156.05.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 157.75 and 157.11).
Supports and resistances:
160.43 **
159.97 *
159.51 **
159.05
158.11 last
157.60
157.29 **
156.52 *
156.05 **
Our preference:
as long as 157.29 is support look for 159.51.
Alternative scenario:
the downside breakout of 157.29 would call for 156.52 and 156.05.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 157.75 and 157.11).
Supports and resistances:
160.43 **
159.97 *
159.51 **
159.05
158.11 last
157.60
157.29 **
156.52 *
156.05 **
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EUR/JPY
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