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EUR/JPY shows fresh signs of weakness – FXStreet

FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, fresh signs of weakness are being witnessed today for EUR/JPY as the pair dipped to 146.43 levels, after having failed to sustain gains 147.09 levels.

Key Quotes

“The EUR/JPY pair advanced yesterday to 147.13 levels, after having bounced-off from the 23.6% retracement level of the recent rally. Fresh signs of weakness are being witnessed today as the pair dipped to 146.43 levels, after having failed to sustain gains above the 5-SMA on the daily chart located at 147.09 levels.”

“Accordingly, the daily RSI has inched lower to 64.72 levels. Meanwhile, the hourly chart shows the pair is once again likely to re-test the 23.6% retracement level of the uptrend located at 145.652.”

“Moreover, with the daily RSI inching lower, while the hourly RSI bearish at 40.00, the probability of the pair breaching the 23.6% retracement support is high. However, the pair also has the support of the 10-SMA located at 146.09.”

“Thus, the bears are likely to come-in strong once the pair breaches 145.65 levels on the daily closing basis. As for today, the pair is more likely to remain stuck in range of 146.00-147.00.”

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