EUR/JPY Price Forecast: Rallies to three-week peak, closes on 162.00
- EUR/JPY rises to 161.79 after surpassing the 50-DMA, marking its third consecutive day of gains.
- Momentum shows signs of consolidation ahead, with resistance at 162.45/65 and the 200-DMA at 164.10.
- A break below 160.74 could expose the pair to support at 158.99/98, near the Tenkan Sen level.
The EUR/JPY printed solid gains of over 0.40% on Thursday, extending its rally to three consecutive days. Data from the United States (US) improved risk appetite and consequently weighed on the Japanese Yen due to its safe-haven status. At the time of writing, the cross-pair trades at 161.79.
EUR/JPY Price Forecast: Technical outlook
The EUR/JPY uptrend remains intact, although the pair aimed higher to the bottom of the Ichimoku Cloud (Kumo) after surpassing the 50-day moving average (DMA) at 161.19.
Momentum hints that buyers are losing some steam, as depicted by the Relative Strength Index (RSI) slope turning flat, meaning the consolidation lies ahead.
If EUR/JPY clears the bottom of the Kumo at around 162.45/65, the next resistance level would be the Senkou Span B at 163.13, followed by the 200-day moving average (DMA) at 164.10.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.