Daily Forex Analysis – EUR/JPY
The EUR/JPY currency pair has seen a notable surge, recently reaching a peak of 162.29. The upward trend will continue, targeting the next projection level of 163.10. However, this level could present significant resistance, potentially capping gains on the first attempt. Conversely, if the pair dips below the minor support level of 161.38, it would neutralize the intraday bullish bias, leading to consolidation before a possible subsequent rally.
Expanding the scope, the upward trajectory from the 2020 low of 114.46 continues progressing. The pair aims for a 100% projection target of 163.10, measured from the rise of 124.41 to 148.42 starting from 139.09. A steady break above this level would set sights on the 169.00 high from 2008. However, a downward break of the 154.36 support would be an initial indicator of a medium-term trend reversal. Despite this, the bullish outlook remains intact, even if a significant pullback occurs.
Analysis Summary
The EUR/JPY currency pair exhibits a sustained upward momentum, peaking at 162.29 and eyes set at 163.10. Long-term trends suggest a potential climb to 169.00, but support levels at 154.36 could indicate trend reversals, maintaining a generally bullish outlook.
Key Points
- EUR/JPY reached a new high of 162.29, with an upward trend.
- The next significant target is 163.10; resistance is likely.
- A long-term bullish outlook remains despite the potential for medium-term pullbacks.
