EUR/JPY 13/07: ENTRY SELL!!!

EURJPY The EUR/JPY pair remains steady, close to the 154.50 area at the start of the European session., the crossover is below the 100 Hourly Exponential Moving Average (EMA) with a downward slope, indicating the line Going with least resistance is going down.

According to the one-hour chart, EUR/JPY will hit an initial support of 153.45 (July 12 low) en route to 153.00, indicating a psychological roundabout. A decisive break below the mentioned level will reveal 151.00, the round-up and the high of May 29.

On the downside, any meaningful follow-up buying past 154.95 (100-hour EMA) will challenge the next hurdle near 155.30 (July 10 low), followed by 155.85 (low of July 6). Further north, the diagonal will see a rally to 156.70, which was the high of July 10.

The relative strength index (RSI) holds above 60, indicating a bullish zone and the pair is more likely to rise.

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