Yuppy is holding its bearish tone since Theresa May has triggered Brexit yesterday. ADS Securities team of analysts sees weak EURJPY on Intraday.
30 March, ADS Securities – Yesterday, the Euro came under pressure and traded as low as 118.99 against the Japanese Yen after the UK Prime Minister invoked Article 50, to the leave the European Union. The pair registered significant losses and closed at 119.53, after falling as low as 118.99.
Weak EURJPY on Intraday
Currently, the pair is trading with a bearish tone ahead of the crucial economic data in Eurozone and Japan to be released today. Moreover, the MACD indicator is tranquil below its centreline, further affirming the above view.
Key support resides at the 119.45 level, followed by the 119.30 and 119.15 levels. A breach below the latter might trigger weakness in the pair. Meanwhile, key resistance is placed at the 119.70 level, followed by the 119.80 where EMA 55 is situated and 119.85 levels. A move back above the latter might lead to bullish momentum in the pair.
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