|EUR/JPY intraday: the upside prevails as long as 124.78 is support|
|Our pivot point stands at 124.78.
Most likely scenario: the upside prevails as long as 124.78 is support.
Alternative scenario: below 124.78, expect 124.37 and 124.13.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 124.87 and 124.78).