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EURJPY bounces off 3-year lows but bearish bias remains

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURJPY has rebounded from the 3-year low of 122.06 it touched on March 1 but has found resistance just below the centreline of the Bollinger band. The March 4 high of 125.58 is the nearest resistance for the pair should it attempt to move higher. A climb into the upper half of the Bollinger Band would weaken the bearish bias and put prices within reach of the 50-day moving average. Looking at the momentum indicators, RSI failed to rise above 50 from the current rebound and the stochastics have

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