Source: PaxForex Premium Analytics Portal, Technical Insight
During the last seven days, the EUR/JPY pair has been unable to reach new highs, above the January 25 daily high at 142.29, exacerbating a consolidation within the 20 and 50-day EMA. Backed by the Relative Strength Index (RSI) and the Rate of Change (RoC) almost flat at neutral levels, the EUR/JPY pair would remain trendless, awaiting the Europen Central Bank (ECB) monetary policy on Thursday.
EUR/JPY,D1
Pivot: 141.79
Analysis:
While the price is below 140.80, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 141.79
- Take Profit 1: 143.80
- Take Profit 2: 145.60
Alternative scenario:
If the level 140.80 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 140.80
- Take profit 1: 138.80
- Take Profit 2: 137.80
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 146.50 | 140.80 |
| 145.60 | 138.80 |
| 143.80 | 137.80 |
