EUR/JPY
Time frame: H1
Technical analysis: For a long time, the pair was moving in a downward trend channel, and on April 12, 2019 it was broken. The price then continued to rise to strong resistance around 126.80, which coincided with a previous peak. The price failed to break through, heading south again. It tested the broken trend line, but failed to hold on to it and re-entered the downward trend. Currently, the price is on that static resistance as well as 38.2% on Fibonacci, a projection from the peak at 126.80 to the current bottom. As this resistance has been repeatedly resisted, it is more likely that the price will again head south.
Indicators: At this stage, the price is at 200 SMAs and EMAs, and they play the role of strong resistance.
The price is over 50 EMA, SMA, as they play the role of supporting the price.
RSI is in over-bought values, which supports the "sell" scenario.
Entry into Deal: From current levels.
SL: 125.70
Alternative Scenario: If the price could break through the above-mentioned resistance and hold on to it, then it could continue its appreciation to the next strong resistance at 125.50 level.
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