|EUR/JPY intraday: the downside prevails as long as 128.03 is resistance|
|128.03 is our pivot point.
Most likely scenario: the downside prevails as long as 128.03 is resistance.
Alternative scenario: above 128.03, look for 128.39 and 128.60.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 127.94 and 128.16).