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EURJPY pulls below 7-year high; still bullish but overbought
EURJPY pulled back to close at 135.93 on Monday after its aggressive rally topped at an almost seven-year high of 137.52 on Monday. The price is trying to regain some ground today, but the 2018 resistance of 136.50 – 137.00 is keeping the bulls under control as the widened Bollinger bands foresee some stabilization in the short term. The fact that the Stochastics are sloping downwards to exit the overbought area, the RSI is very close to its October peak, and the MACD is testing its 2020 highs, is also endorsing weaker price momentum in the coming sessions. Should selling pressures intensify, traders could ... (full story)