Source: PaxForex Premium Analytics Portal, Technical Insight
Analysts at Commerzbank believe that the Finance Ministry and the Bank of Japan will now try "verbal" interventions and express growing concern about yen weakness, hoping that the market will stop the yen collapse for fear of interventions.
EUR/JPY,D1
Pivot: 139.11
Analysis:
While the price is above 133.35, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 139.11
- Take Profit 1: 139.70
- Take Profit 2: 141.00
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 |
| 141.50 | 133.35 |
| 141.00 | 131.50 |
| 139.70 | 127.90 |
