EURJPY
cross extends its downside near 156.60 during the early European session on Thursday. That being said, the upward revision of economic growth estimates by the Japanese government lifts the Japanese Yen (JPY) and creates a headwind for the
EURJPY
cross. From the technical perspective,
EURJPY
keeps the bearish potential intact as the cross holds below the key 100-hour Exponential Moving Averages (EMAs) on the four-hour chart. Additionally, the 14-day Relative Strength Index (RSI) stands in bearish territory below 50, indicating further downside looks favorable. Any follow-through buying above the 100-hour EMA at 157.71 will see a rally to a high of December 19 at 158.60. The next upside barrier is seen near the upper boundary of the Bollinger Band at 158.75, en route to a high of December 5 at 159.72.
- SIGNAL
EURJPY
🔽SELL EURJPY zone 156.850 - 157.000
-TP : 156.500
-TP : 155.900
SL : 157.450
