Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/JPY remains mildly bid as it consolidates the previous day’s losses around 148.40 during early Wednesday. In doing so, the cross-currency pair portrays a bullish pennant chart formation on the four-hour play, poking the confirmation point of late.
EUR/JPY,D1
Pivot: 148.57
Analysis:
While the price is above 146.80, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 148.57
- Take Profit 1: 151.50
- Take Profit 2: 153.00
Alternative scenario:
If the level 146.80 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 146.80
- Take profit 1: 145.40
- Take Profit 2: 143.00
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 154.00 | 146.80 |
| 153.00 | 145.40 |
| 151.50 | 143.00 |
