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EURJPY keeps testing 128.5 level!

Tuesday, June 26, 2018 9:57 AM GMT

EURJPY is still in consolidation. It moves between 20 EMA and the major support of 127.55 without being able to perform a valid breakout. The RSI (5) is flatting while MACD is giving a short-term bullish crossover today. In the meantime, the escalating trade conflict between US and other leading countries has beaten major indices like SP500, Nasdaq, DAX etc. They are currently bouncing to the upside but the bias remains bearish.

Today’s agenda includes FOMC Members, Bostic and Kaplan speeches and S&P/Case-Shiller Home Price Indices (Previous: 6.8%, Forecast: 6.8%).


Heading to the hourly timeframe, the price is stalled below 128.5 level. The pair has already tested it four times, which makes this resistance critical for the traders. Therefore if price closes above 128.5 and remains few hours above it then the pair may set an upside target at 129-130 area. On the other hand, sellers may take over the control if price breaks below 127.5.


(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 20EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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