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EURJPY bounces off 2-month lows; bearish trend pattern intact
video EURJPY is looking for a rebound after confirming a bearish trend reversal pattern and diving as low as 122.36, the weakest price in two months. The RSI and the Stochastics are justifying any attempt to halt selling pressures as both indicators have bottomed out in oversold area and are heading higher. However, the market has yet to correct the bearish cross between the 20- and the 50-day simple moving averages (SMAs) and that keeps some caution about the market trend. Moreover, the bearish head and shoulder pattern, which has alerted the start of a downtrend, remains intact as long as the price continues to ... (full story)