Source: PaxForex Premium Analytics Portal, Technical Insight
The BoJ is unlikely to be satisfied with the current rate of depreciation of the yen and will take countermeasures if it continues. But in principle the central bank should be interested in a weak national currency. Its aim should be to stop the current excessive movement, but to stabilize the yen at weak levels.
EUR/JPY,D1
Pivot: 136.07
Analysis:
While the price is above 133.35, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 136.07
- Take Profit 1: 137.50
- Take Profit 2: 139.00
Alternative scenario:
If the level 133.35 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 133.35
- Take profit 1: 131.50
- Take Profit 2: 127.90
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 139.50 | 133.35 |
| 139.00 | 131.50 |
| 137.50 | 127.90 |
