EUR/JPY might not extend recovery

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/JPY currency pair is closely resembling the same trends as USD/JPY. It offers a chance to trade the issues with the Japanese Yen without the risks from the US economy, but rather the European one.

In general, the pair hit an all-time high at 175.00 in July. Afterwards, the Bank of Japan started to strengthen the Yen, which has resulted in a decline to the low level range at 154.65/155.20. The event was followed by a recovery up to the 163.70/165.50 zone.

In regard to the future, a potential extension of the ongoing surge would have to break a major resistance zone. The EUR/JPY faces the 163.70/165.50 range and the combination of the 50 and 200-day simple moving averages. If these levels are broken, the pair could aim for the 175.00 mark. However, it is expected to found some resistance at 168.00 and 170.00.

On the other hand, a decline of the Euro against the Yen is set to look for support in the 160.00 level, before the rate declines to the low levels at 154.65/155.20.
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Tue, 10 Sep 2024 11:22:37 GMT

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