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Technical Analysis: EURJPY Breaks 116.25 Resistance

Posted by Chris Advincula on Nov 17, 2016 7:03:20 AM

EURJPY.11.17.2016.jpg

(Nov. 17 Thurs) The daily EURJPY chart shows a significant broken resistance at 116.25 within the channel and implies a potential retracement to the 118.00 level in the short term run. The 14 day moving average also shows an impetus rebound from 114.00 to 115.50, while the heavier 30 DMA also shows a rebound from 114.00 to 114.85.

The 14 day relative strenght index on the other hand displays a triple top that is fast approaching the 70 overbought level, currently at 63.72,. (the 70 level which implies a reversal in next move of the spot price).

The intraday chart today has tested the low of 116.25 and has rebounded to 117.18. T

Topics: European Session, technical analysis, Forex, EURJPY

 

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