Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/JPY drops from around weekly highs reached on Monday at 160.27 and forms a three-candle ‘evening star’ chart pattern, which opens the door for further losses.
EUR/JPY,D1
Pivot: 159.30
Analysis:
While the price is above 157.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 159.30
- Take Profit 1: 161.00
- Take Profit 2: 162.00
Alternative scenario:
If the level 157.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 157.00
- Take profit 1: 156.00
- Take Profit 2: 155.00
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 163.00 | 157.00 |
| 162.00 | 156.00 |
| 161.00 | 155.00 |
