Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/JPY opens Wednesday’s Asian Pacific session with decent gains of 0.24%, after Tuesday’s 0.34% loss, courtesy of a risk-off impulse when data from the US flashed inflation decelerating less than estimates, fueling possibilities for a US Fed 75 bps rate hike.
EUR/JPY,D1
Pivot: 144.01
Analysis:
While the price is above 142.30, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 144.01
- Take Profit 1: 145.60
- Take Profit 2: 145.60
Alternative scenario:
If the level 142.30 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 142.30
- Take profit 1: 141.30
- Take Profit 2: 139.70
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 147.00 | 142.30 |
| 146.50 | 141.30 |
| 145.60 | 139.70 |
