EUR/JPY Price Analysis: Bulls face rejection around 134.00
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Summary:
EUR/JPY extends Monday’s pullback, pressured around intraday low.
100-HMA, weekly top test intraday sellers ahead of short-term rising trend line.
Sustained rise past-134 back bulls to aim for late 2017 tops.
EUR/JPY remains on the back foot, down 0.14% intraday, around the day’s low of 133.76 during Tuesday’s Asian session. In doing so, the quote justifies repeated failures to cross 134.00.
However, normal RSI conditions highlight a one-week-old horizontal area surrounding 133.60, including 100-HMA and highs marked during the last Tuesday, as the key nearby support.
Also likely to test EUR/JPY sellers is an ascending support line from May 24, near 133.35.
It’s worth mentioning that the quote’s declines below the stated trend line support should direct the bears ...
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