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Forex: EUR/JPY consolidating below 102.00
The EUR/JPY remains in consolidation mode amid skinny liquidity as we have a tendency to approach the new year, having traded at terribly shallow a hundred and one.65/90 vary on Tuesday, ending the yank session in nearly a similar place it opened at a hundred and one.75.
“The EUR/JPY has found support at regarding a hundred and one.00 when a recent decline that started 10/31 from regarding 111.65,” says Fan Yang, CMT, Chief Technical Strategist at FXTimes. “We don’t even have thirty eight.2% retracement nevertheless however the market is already struggling, failing to interrupt the pivot at regarding 102.50 (established 11/25). because it consolidates currently, the 4H chart conjointly show a bearish stance with the RSI reading staying below sixty when breaking below thirty.”
The EUR/JPY remains in consolidation mode amid skinny liquidity as we have a tendency to approach the new year, having traded at terribly shallow a hundred and one.65/90 vary on Tuesday, ending the yank session in nearly a similar place it opened at a hundred and one.75.
“The EUR/JPY has found support at regarding a hundred and one.00 when a recent decline that started 10/31 from regarding 111.65,” says Fan Yang, CMT, Chief Technical Strategist at FXTimes. “We don’t even have thirty eight.2% retracement nevertheless however the market is already struggling, failing to interrupt the pivot at regarding 102.50 (established 11/25). because it consolidates currently, the 4H chart conjointly show a bearish stance with the RSI reading staying below sixty when breaking below thirty.”
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