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EURJPY risk to the downside after breaking below 124

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURJPY accelerated its downside momentum after breaking below the 50-day moving average on April 5 at 126.85. Prices subsequently extended lower, falling below key levels such as the 50% Fibonacci retracement (125.14) of the 122.06 to 128.21 rise (the March rally), and then below the key 124.00 level. On Thursday there was a dip to a one-month low of 122.53. Prices have rebounded slightly on Friday but 124.00 remains a key resistance level now. Risk remains to the downside as the RSI has

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