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EUR/JPY in a Double Bottom Attempt Targeting 110.60 but Bearish Inclination Remains
Double Bottom: The EUR/JPY found support near 108.25. There are two attempts that failed to close below this in the 1H chart. Both attempts have resistance near 109.40. A break above 109.40 completes a double bottom . 109.50 resistance represents an intraday pivot and a break above that adds to evidence of a bullish swing to follow. The double bottom breakout projection is near 110.60, which represents the 78.6% retracement level and 200SMA. Also note that the latter bottom was lower than the first, but the latter RSI low was higher, producing a bullish divergence. The EUR/JPY seen in the daily chart shows that the ... (full story)