EUR/JPY: Bears snatched the bite from bull’s mouth

Aug 6 , 2018

 

By analyzing the daily technical chart we can see that pair has turned back to south side all of sudden. Well earlier pair was heading towards upside and was sustaining above the moving average lines but now it is falling down with bearish engulfing candlestick along with three black crow pattern which generates completely bearish signal.

 

The way bears have reacting it faded away all the bullish setup for the time being and odds are in favor of bears. Intraday bias remains bearish on the pair as long as it is trading and sustaining below 131.89. From technical prospective we can see that a downtrend line is also lying on the daily technical chart which is generating bearish signal and providing strength to the bears. It is trading and sustaining below the moving average lines which is further indication of bearishness.

 

 

 

 

A bearish crossover on MACD indicator is favoring the bears and providing bearish signal for the time being and RSI is also providing bearish signal from above 50 territories. The 133.00 level is immediate resistance level followed by 135.00 whereas 127.00 levels is strong key support level followed by 125.00 levels.

 

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