EUR/JPY surge pierces resistance line

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


The EUR/JPY has been in a major scale channel up pattern since mid-2021. The rate has continued in the pattern higher, as since the last review it broke the resistance of the 158.00 and 160.00 levels. Most recently, the pair suddenly pierced the upper trend line of the pattern, before returning back below the trend line and resuming to respect its resistance.

In regards to the near term future, a potential surge is set to face the mentioned upper trend line of the channel pattern and the booked November high levels at 164.25/164.30. Higher above, the rate could be slowed down by other round levels, as it has been observed that they have major impact.

Meanwhile, a decline of the Euro against the Japanese Yen could find support in the 162.00 level and the support zone below it. If the rate passes below 162.00, note that the 160.00 mark is set to act as support.
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