StockMarketWire.com - After hitting a 21-month high of ¥120.75 EUR/JPY looks to be in the first stages of a pull-back on the daily ranges as RSI indicators move down from overbought territory, seeing prices return to a 50% retracement from the beginning of the year (¥113.53) to ¥117.25.
Inside the hourly charts, support is being seen at the ¥117.94 (38% retracement) level, but a bearish sentiment is favoured as the market slips below its 100 and 50 day simple moving average. RSI technicals have also slipped below 50, confirming a bearish short-term outlook. If the latest ¥117.94 support level is broken, the next level of support looks to be at ¥117.21.
At 3:26pm:
Story provided by StockMarketWire.com
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