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Euro Yen - Technical recovery in a bear trend

by Tim Straiton
Saturday 24th July 2021

Technical Review of EURJPY as of 7/23/2021

based on daily data

Open 129.65
High 130.18
Low 129.60
Close 130.11
200 period moving average: 128.49
14 day relative strength index: 43.77

EURJPY is currently trading at 130.11 which is 1.24% above its 200 day moving average. This instrument is trading above its daily pivot point of 129.80, which is a short term bullish factor.

Looking further out, our proprietary medium term trend indicator is bearish. The Directional Market Index is negative. Significant trend force is detected in this market, therefore opening a position could be justified in the direction of the trend, which points to further downside potential. Only a close above 131.08 would result in a higher high and point to a trend reversal.

Disclaimer

Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a
transaction should be based on your own due diligence and not on any representation we make to you.


 

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