Weak demand points to negative sentiment towards EURJPY
The stalling of demand at the 200 week moving average remains the key background element for EURJPY. Although some demand was attracted yesterday, that point remains unbroken.
That failure is countered by intraday buying interest above the 13 day moving average – a level unbroken, on a closing basis, for almost two months. Until that point is breached effectively, negative signals cannot be strong. But they are left negative for a renewed test of the 13 day moving average.
Management and risk description
A move to ¥130.27 means the stop can be lowered to break even.
Entry: Sell in ¥130.60/¥130.65 area and at ¥131.12.
Stop: ¥131.57 bid.
Target: ¥130.27, ¥129.84 and ¥129.55.
Time horizon: Intraday, ending 1500 GMT.
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