EUR/JPY intraday: the downside prevails as long as 127.24 is resistance

EUR/JPY intraday: the downside prevails as long as 127.24 is resistance
Our pivot point is at 127.24.

Most likely scenario: the downside prevails as long as 127.24 is resistance.

Alternative scenario: above 127.24, look for 127.52 and 127.69.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 127.30 and 127.44).

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