EUR/JPY Intraday Technical analysis
The spot rate is currently testing the upper limit of its medium term bullish channel in 102.50 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.
RSI provide buyers signals but approach to the overbuy zone suggesting a decline. Bollinger bands are stabilized showing a more regular volatility.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 102.50 with a 1st objective of 102.90, then 103.20. A break in 102.30 would invalidate this scenario.
The material has been provided by Instaforex Company – instaforex.com
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