Source: PaxForex Premium Analytics Portal, Technical Insight
ECB policymaker Joachim Nagel said on Tuesday that "the great wave of inflation is over", adding he will not decide whether to vote to cut rates in September until next week.
EUR/JPY,D1
Pivot: 160.54
Analysis:
While the price is below 163.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 160.54
- Take Profit 1: 158.00
- Take Profit 2: 155.00
Alternative scenario:
If the level 163.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 163.00
- Take profit 1: 165.00
- Take Profit 2: 167.00
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 158.00 |
| 165.00 | 155.00 |
| 163.00 | 153.00 |
