Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/JPY extends its losses for the second consecutive day, trading around 159.60 during the Asian hours on Wednesday.
EUR/JPY,D1
Pivot: 159.56
Analysis:
While the price is below 162.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 159.56
- Take Profit 1: 158.00
- Take Profit 2: 155.00
Alternative scenario:
If the level 162.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 162.00
- Take profit 1: 165.00
- Take Profit 2: 168.00
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 172.00 | 158.00 |
| 170.00 | 155.00 |
| 162.00 | 152.00 |
