EUR/JPY Price Forecast: Rises to near 177.50, records fresh highs within overbought zone
|- EUR/JPY reached 177.46, an all-time high on Wednesday.
- The 14-day Relative Strength Index moves above 70, suggesting a potential for a downward correction.
- The currency cross may find its primary support at the nine-day EMA of 175.16.
EUR/JPY remains stronger for the fourth successive session, trading around 177.40 during the European hours, near 177.46, an all-time high reached on Wednesday. The technical analysis of the daily chart indicates that short-term price momentum is stronger as the currency cross rises above the nine-day Exponential Moving Average (EMA).
However, the 14-day Relative Strength Index (RSI) moves slightly above the 70 mark, suggesting that the EUR/JPY cross is trading in an overbought territory and a risk for a downward correction at any time soon.
The EUR/JPY cross may target the new all-time high of 176.46, which was recorded on October 8. Further advances would support the currency cross to explore the region around the psychological level of 177.00.
On the downside, the primary support appears at the nine-day EMA of 175.17. A break below this level could weaken the short-term price momentum and lead the EUR/JPY cross to test the 50-day EMA at 172.99, followed by the five-week low of 172.14, which was recorded on September 9.
Further declines would weaken the medium-term price momentum and put downward pressure on the currency cross to navigate the region around the three-month low of 169.72, last seen on July 31.
EUR/JPY: Daily Chart
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.25% | 0.08% | 0.32% | 0.03% | 0.24% | 0.75% | 0.35% | |
| EUR | -0.25% | -0.16% | 0.11% | -0.21% | -0.04% | 0.54% | 0.10% | |
| GBP | -0.08% | 0.16% | 0.29% | -0.03% | 0.18% | 0.71% | 0.28% | |
| JPY | -0.32% | -0.11% | -0.29% | -0.34% | -0.09% | 0.36% | -0.04% | |
| CAD | -0.03% | 0.21% | 0.03% | 0.34% | 0.21% | 0.72% | 0.31% | |
| AUD | -0.24% | 0.04% | -0.18% | 0.09% | -0.21% | 0.53% | 0.14% | |
| NZD | -0.75% | -0.54% | -0.71% | -0.36% | -0.72% | -0.53% | -0.41% | |
| CHF | -0.35% | -0.10% | -0.28% | 0.04% | -0.31% | -0.14% | 0.41% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.