EURJPY Takes A Breather After Bearish Move

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EURJPY is showing up for the third straight day after the rebound from the 127.90 support level. The price moves to the 200-day simple average moving average (SMA) and if it exceeds this line, the market could change from bearish to neutral. The RSI indicator reflects the positive view as the stochastic approaches the overbought zone.

Stronger stocks could find immediate resistance at the 40-day simple moving average (SMA) around 129.82 ahead of the 130.55 barrier. Overcoming these obstacles, the door could open for the psychological level 131.00 and next for the obstacle 132.70.

On the other hand, a reversal of the 200-day SMA could ease the upward pressure and take the price up to the 127.90 and the 127.38 supports. If the bears outperform again, this could push EURJPY to 126.10.

Finally, EURJPY has been on a downward movement since June 1 and only a significant end above the SMAs can change this current bearish outlook.

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