Technical analysis EURJPY for 16.10.2023

The Tenkan-sen line is located below the Kijun-sen line. Red points downwards while blue points upwards. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 157.075. The closest resistance is the level 157.500

Key levels

• 158.250, 157.800, 157.500, 157.075, 156.750

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 157.500, with Take Profit of 157.075 and Stop Loss of 157.800

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 157.800, with Take Profit of 158.250 and Stop Loss of 157.500