Source: PaxForex Premium Analytics Portal, Technical Insight
The Euro (EUR) advances against the Japanese Yen (JPY) for the second straight day after forming a hammer, which suggests the cross-currency pair could be headed for higher prices.
EUR/JPY,D1
Pivot: 158.11
Analysis:
While the price is above 155.80, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 158.11
- Take Profit 1: 160.00
- Take Profit 2: 162.00
Alternative scenario:
If the level 155.80 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 155.80
- Take profit 1: 154.00
- Take Profit 2: 152.00
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 163.00 | 155.80 |
| 162.00 | 154.00 |
| 160.00 | 152.00 |
