Technical analysis EURJPY for 06.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 160.050. The closest resistance is the level 160.850

Key levels

• 161.850, 160.850, 160.050, 159.100, 158.425

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 160.850, with Take Profit of 161.850 and Stop Loss of 160.050

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 160.050, with Take Profit of 159.100 and Stop Loss of 160.850