Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/JPY cross recovers some lost ground above the mid-155.00s during the early European session on Wednesday. The upside of the cross might be capped as investors anticipate that the Bank of Japan (BoJ) will abandon its ultra-loose monetary policy settings by the first half of 2024.
EUR/JPY,D1
Pivot: 155.65
Analysis:
While the price is below 157.50, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 155.65
- Take Profit 1: 154.00
- Take Profit 2: 152.00
Alternative scenario:
If the level 157.50 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 157.50
- Take profit 1: 159.50
- Take Profit 2: 160.80
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 160.80 | 154.00 |
| 159.50 | 152.00 |
| 157.50 | 150.00 |
