EUR-JPY Breaks Key Supports, Heads Lower
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (fxtechstrategy.com) -- Having broken and held below key supports at the medium-term trendline of 107.75 and the daily exponential moving average of 106.79, the risk is for EUR-JPY to weaken further in the days ahead.
This development will leave the cross targeting the 105.63 level, its March 6 low. A breach of here will pave the way for a push further lower toward the Dec. 9 high of 104.49, and then the 103.27 level. Its daily and weekly RSI are bearish and pointing lower supporting this view.
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