EUR/JPY - Falling tops on price, Rising bottoms on RSI
Resistance - 123.36, 124.40, 125.00
Support - 121.60-121.50, 120.00, 119.11
Support - 121.60-121.50, 120.00, 119.11
- Price chart shows falling top formation remains in place, still, despite sharp BOJ-led sell-off in the cross, the rising bottom formation on the daily RSI is intact.
- Hence, odds of a recovery to 123.36 are high next week, unless the cross sees a daily close below 121.60-121.50 on the daily chart. which will mark a failure of bullish price-RSI divergence.
- In such a case, the sell-off may gather pace , courtesy of which support at 120.00-119.11 could be put to test