Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/JPY clashes strong support, around 157.50 as bears loom.
EUR/JPY,D1
Pivot: 158.59
Analysis:
While the price is below 161.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 158.59
- Take Profit 1: 158.00
- Take Profit 2: 157.00
Alternative scenario:
If the level 161.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 161.00
- Take profit 1: 162.00
- Take Profit 2: 163.00
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 167.00 | 161.00 |
| 166.00 | 159.60 |
| 164.50 | 158.00 |
