EUR/JPY Price Analysis: Correction in the offing?

EUR/JPY advances to new highs near 164.00.
Overbought conditions warn against further upside.

Pablo Piovano FXStreet

EUR/JPY climbs further and flirts with the 164.00 mark on Wednesday, new yearly peaks.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 163.94 (November 15) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).

In the meantime, the daily RSI enters the overbought territory near 74, opening the door to a potential near-term corrective move.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.46.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	163.7
Today Daily Change	88
Today Daily Change %	0.12
Today daily open	163.5

Trends
Daily SMA20	159.99
Daily SMA50	158.57
Daily SMA100	157.84
Daily SMA200	152.39

Levels
Previous Daily High	163.82
Previous Daily Low	162.21
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	163.2
Daily Fibonacci 61.8%	162.83
Daily Pivot Point S1	162.54
Daily Pivot Point S2	161.57
Daily Pivot Point S3	160.94
Daily Pivot Point R1	164.14
Daily Pivot Point R2	164.78
Daily Pivot Point R3	165.74

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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