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FX.co ★ Technical analysis of EUR/JPY for May 21, 2018

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Forex Analysis:::2018-05-21T04:01:06

Technical analysis of EUR/JPY for May 21, 2018

Technical analysis of EUR/JPY for May 21, 2018

As we can see on the daily chart, EUR/JPY is trading in a sideways manner. However, I've spotted the divergence between the price with the RSI (14). If we look at the RSI, it has (14) twice tested the 30 level (Double Bottom). At the same time after USD/CHF tested its strong support at 129.50, the price is making a Hoe Pattern (123 Formation). If the pair can break out and close above the 130.76 level higher, the price is likely to continue going up to test resistance at 133.08-133.48 as long as it does not break out and close below129.50 as a critical level.

(Disclaimer)

Analyst InstaForex
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