Technical analysis EURJPY for 05.12.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 159.100. The closest resistance is the level 159.600

Key levels

• 160.150, 159.600, 159.100, 158.725, 158.400

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 159.100, with Take Profit of 158.725 and Stop Loss of 159.600

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 159.600, with Take Profit of 160.150 and Stop Loss of 159.100