Technical analysis EURJPY for 08.05.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 165.800. The closest resistance is the level 166.825

Key levels

• 168.300, 167.525, 166.825, 165.800, 165.000

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 166.825, with Take Profit of 165.800 and Stop Loss of 167.525

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 167.525, with Take Profit of 168.300 and Stop Loss of 166.825