Daily Forex Analysis – EUR/JPY
Currently, the EUR/JPY currency pair’s intraday position seems to be holding steady, manifesting a neutral stance. A closer inspection reveals that as long as the resistance level of 158.463 remains untouched, the short-term sentiment leans bearish. Should the currency pair breach the 154.332 mark, this could signal the continuation of the decline that began at the high of 159.753, potentially targeting the support at 151.392. Conversely, surpassing the 158.467 level might suggest the pullback’s culmination, subsequently steering the bias towards a bullish upswing.
When taking a more panoramic view of the scenario, the movements radiating from the 159.753 mark seem to be echoing a correction phase. If the support at 151.392 proves resilient, the surge, which has its roots in the low of 2020 at 114.423, may very well persevere, aiming to surpass 159.753 in the foreseeable future. Yet, a decisive leap beyond 176.293 would be an indicator of a medium-term peak, paving the way for a more protracted and intensified correction.
AnalysisSummary
The EUR/JPY pair showcases neutrality intraday, with a bearish tilt anchored by 158.463 resistance. While current motions hint at a correction, a breach of 176.293 could trigger a more profound adjustment.
Key Points
- EUR/JPY maintains neutrality; bearish under 158.463 resistance.
- A break below 154.332 could extend decline from 159.753.
- A broader perspective suggests correction; watch for a potential breach of 176.293.
