EUR/JPY
EUR JPY
- JPY (-)
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Type: Forex
Ticker: EURJPY
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EUR/JPY - Paused Its Gradually Sharp Rise - Ready For Retracement - 07/20/2017 (GMT)

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The EUR/JPY pair soared gradually higher since April and jumped almost 9% following the pullback on 114.80 strong support level. Euro is printing the fourth consecutive green month against the Japanese yen and hit the 130.75 price, new 17-month high over the last week as it also met the 50-month SMA. Furthermore, going to the weekly chart, the currency pair touched the 200-SMA at 130.75 so, our forecast is a pause of the rising and a start of the downward correction.

Looking on the short-term timeframe, the price failed several times to slip beneath 128.50 and when there is a successful penetration will be an aggressive sell-off for the price until the 125.80 support barrier. The MACD oscillator is declining in the positive zone above zero line whilst the RSI indicator is trading within the 50 and 70 level.
This member did not declare if he had a position on this financial instrument or a related financial instrument.

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