Daily Forex Analysis – EUR/JPY
The EUR/JPY currency trajectory, which began at 154.336, has shown renewed momentum by surpassing the 158.604 mark. The immediate sentiment leans toward bullishness, with the potential to challenge the 159.754 level again. A definitive surge past this threshold would signify continuing a broader upward trend. However, for indications that the recent surge is tapering off, one should monitor the 157.034 mark. A dip below this could signify an end to the upward momentum, but unless such a breach occurs, the inclination for further gains remains strong even after minor pullbacks.
Expanding the lens to a larger timeframe, the fluctuations around the 159.754 level appear to be part of a corrective phase. Importantly, as long as the support level at 151.394 remains unbreached, we can anticipate the ascent originating from the 114.424 low in 2020 to persevere and eventually overcome the 159.754 mark in the foreseeable future. Conversely, a decisive drop below the 151.394 level would validate suspicions of a mid-term peak. This would then pave the way for a more prolonged and intense downward correction.
Analysis Summary
The EUR/JPY pair showcases bullish tendencies, with the potential to revisit the 159.754 level. The trend is expected to continue from its 2020 low unless there’s a firm breach below the 151.394 support level, which would signal a longer downturn.
Key Points:
- EUR/JPY shows a renewed push, targeting 159.754.
- A potential downward shift hinges on the 157.034 support.
- 151.394 remains crucial for determining the mid-term trajectory.
