EUR/JPY Technical Analysis: Flirting with the 21-day SMA near 120.50
The price action in EUR/JPY continues to struggle with the 21-day SMA in the vicinity of 120.50.
The persistent inability of the cross to surpass this key barrier has sparked the ongoing consolidative phase, always on the back of developments from the US-China trade front.
The resumption of the downside pressure is expected to meet initial support in the 119.50/24 band, where converge the 100-day and 55-day SMAs as well as monthly lows recorded on November 14th.
In order to alleviate the immediate downside pressure, the cross needs to overcome weekly highs around 120.50, ideally in the short-term horizon.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.