Daily Forex Analysis – EUR/JPY
The recent surge of EUR/JPY, surpassing the 159.7790 level, signals the continuation of a more expansive upward trend. The current intraday momentum is decisively bullish. Market watchers should anticipate the next milestone at 163.0640. However, should the currency pair descend below 158.4940, it would alter the intraday sentiment to neutral, suggesting potential consolidations before any subsequent upsurge.
From a broader perspective, the ascent initiated from 114.4240 in 2020 is ongoing. The forthcoming target is strategically set at the 163.0640 level, which is a 100% projection of the rise from 124.3740 to 148.3840, taking 139.0540 as the base. It’s crucial to note that a decline breaking through the 154.3320 support would be the initial indication of a potential medium-term peak. Barring that eventuality, the prospects for EUR/JPY remain favorably bullish, even if there’s a significant retraction.
Analysis Summary
EUR/JPY’s surge beyond 159.7790 suggests a larger upward trajectory. While the immediate target is 163.0640, any dip below 158.4940 may lead to short-term consolidations. The continuous rise from 2020’s low remains robust, with a positive outlook unless there’s a breach below the 154.3320 support.
Key Takeaways
- EUR/JPY surpassed 159.7790, indicating a robust upward momentum.
- Immediate projection set at 163.0640.
- Significant support was identified at 154.3320.
