Source: PaxForex Premium Analytics Portal, Technical Insight

The EUR/JPY pair is displaying topsy-turvy moves in a narrow range around 142.55 in the early Tokyo session. The cross is likely gathering strength for further upside as the European Central Bank (ECB) would be continued with bigger rates spell to sharpen its monetary tools in the battle against Eurozone’s sticky inflation.

EUR/JPY,D1

Pivot: 142.59

Analysis:

While the price is above 143.00, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 142.59
• Take Profit 1: 141.50
• Take Profit 2: 140.00

Alternative scenario:

If the level 143.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 143.00
• Take profit 1: 144.20
• Take Profit 2: 145.60

Comment:

RSI shows the possibility of an uptrend in the medium term.

Key levels: