EUR/JPY Analysis
EUR/JPY’s breakthrough of the 157.67 resistance signals the resurgence of the rebound from the high of 2022 at 153.15. The intraday bias tilts towards the upside, targeting the 55-day Exponential Moving Average (EMA) at 159.00. Conversely, a breach of 153.15 would revive the entire descent from 164.39, aiming for the 61.8% retracement level of 139.05 to 164.29 at 148.69.
Examining the broader picture, the price actions following the medium-term peak of 164.29 are tentatively viewed as a correction to the ascent from 139.05. The maintenance of the 148.48 resistance turned support, corresponding to the 2022 high, remains pivotal. This condition preserves the potential for the resumption of the larger uptrend from the 2020 low of 114.42, extending through 164.29 at a later stage.
Analysis Summary
EUR/JPY’s breach of the 157.67 resistance revives the rebound from 153.15, with the intraday bias favoring an upward trajectory. A downside break of 153.15 would reignite the broader descent. The larger uptrend from the 2020 low remains viable, hinging on the resilience of the 148.48 support turned resistance.
Key Points
- A breakthrough of 157.67 resistance signals rebound continuation.
- Intraday bias favors the upside, targeting 55-day EMA at 159.00.
- The larger uptrend remains contingent on 148.48 support turned resistance.
