Source: PaxForex Premium Analytics Portal, Technical Insight
The anticipation of a reversal in policy divergence between the Bank of Japan (BoJ) and the Federal Reserve (Fed) in 2024, along with geopolitical risks and China's economic woes, helps limit losses for the safe-haven JPY.
Pivot: 179.53
Analysis:
As long as the price is below 182.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 179.53
- Take profit 1: 178.50
- Take Profit 2: 176.50
Alternative scenario:
If the level of 182.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 182.00
- Take profit 1: 183.50
- Take profit 2: 185.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 185.00 | 178.50 |
| 183.50 | 176.50 |
| 182.00 | 175.50 |
