Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/JPY pair endured significant selling pressure pushing below the cross below the strong support level of the 20-day SMA at 169.30, and touching a low of 168.50.
EUR/JPY,D1
Pivot: 169.29
Analysis:
While the price is above 167.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 170.50
- Take Profit 1: 171.00
- Take Profit 2: 173.00
Alternative scenario:
If the level 167.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 167.00
- Take profit 1: 165.50
- Take Profit 2: 164.00
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 175.00 | 167.00 |
| 173.00 | 165.50 |
| 171.00 | 164.00 |
