Source: PaxForex Premium Analytics Portal, Technical Insight

EUR/JPY snapped two days of consecutive gains and retraced some of its gains as the EUR/JPY clashed with the 100-day Exponential Moving Average (EMA) at 141.83 but could not crack it. Therefore, the cross dived beneath the latter, with Tuesday’s session closing at 141.65.

EUR/JPY,D1

Pivot: 141.93

Analysis:

While the price is below 140.80, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 141.93
• Take Profit 1: 143.80
• Take Profit 2: 145.60

Alternative scenario:

If the level 140.80 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 140.80
• Take profit 1: 138.80
• Take Profit 2: 137.80

Comment:

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

Key levels: