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2 Apr 2015
EUR/JPY poised to drop towards 128 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, view that EUR/JPY is set to make a move lower towards 128 and even 126.
Key Quotes
“The rebound in EUR/JPY during the second half of March appears to have faced resistance near 131.80, the 34-day MA and the 50% retracement from the February high.”
“With the daily RSI retracing from a resistance, the pair looks poised to drift towards 128 and probably even towards the previous low of 126.”
“It is noteworthy that the pair is undergoing an extended correction after violating a multi-year upward channel.”
“The weekly RSI is hovering close to a support, indicating 126 as a key level. A break below will mean the next leg of correction towards 122.”
Key Quotes
“The rebound in EUR/JPY during the second half of March appears to have faced resistance near 131.80, the 34-day MA and the 50% retracement from the February high.”
“With the daily RSI retracing from a resistance, the pair looks poised to drift towards 128 and probably even towards the previous low of 126.”
“It is noteworthy that the pair is undergoing an extended correction after violating a multi-year upward channel.”
“The weekly RSI is hovering close to a support, indicating 126 as a key level. A break below will mean the next leg of correction towards 122.”