Technical analysis EURJPY for 29.08.2024

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 160.200. The closest resistance is the level 161.050

Key levels

• 162.300, 161.050, 160.200, 159.350, 158.400

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 160.200, with Take Profit of 159.350 and Stop Loss of 161.050

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 161.050, with Take Profit of 162.300 and Stop Loss of 160.200