EUR/JPY Intraday: the RSI is overbought
Feb 12, 2025 3:31 AM
the upside prevails as long as 158.39 is support.
Our pivot point stands at 158.39.
Our preference:
the upside prevails as long as 158.39 is support.
Alternative scenario:
below 158.39, expect 157.61 and 157.15.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 158.26 and 157.49).
Supports and resistances:
161.57 **
161.10 *
160.64 **
160.17
159.12 last
158.70
158.39 **
157.61 *
157.15 **
Our preference:
the upside prevails as long as 158.39 is support.
Alternative scenario:
below 158.39, expect 157.61 and 157.15.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 158.26 and 157.49).
Supports and resistances:
161.57 **
161.10 *
160.64 **
160.17
159.12 last
158.70
158.39 **
157.61 *
157.15 **
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EUR/JPY
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1.892
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