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EURJPY risk skewed to the downside; downtrend in place
EURJPY has fully-reversed this week’s gains, pulling back below its simple moving averages on the four-hour chart and back into the 115.00 territory. More importantly, the downside correction confirmed another lower high at 116.85, further enhancing the bearish trend which started early this year, and with the RSI falling below its 50 neutral mark, and the MACD entering the negative zone, expectations are for the sellers to keep the upper hand in the short-term. The nearest support to keep in mind could be the 115.22 level which coincides with the 23.6% Fibonacci retracement of the downleg from 117.76 to 114.42. If ... (full story)