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EUR/JPY Price Analysis: Corrective move overdue

  • EUR/JPY clinches new highs past 164.00.
  • A corrective move appears on the cards near term.

EUR/JPY advances further north of the 164.00 level and prints new yearly highs on Thursday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 164.30 (November 16) 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 remains well within the overbought territory near 75, 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 152.58.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price164.11
Today Daily Change47
Today Daily Change %-0.04
Today daily open164.18
 
Trends
Daily SMA20160.3
Daily SMA50158.69
Daily SMA100157.9
Daily SMA200152.5
 
Levels
Previous Daily High164.2
Previous Daily Low163.07
Previous Weekly High161.95
Previous Weekly Low160.15
Previous Monthly High160.85
Previous Monthly Low154.39
Daily Fibonacci 38.2%163.77
Daily Fibonacci 61.8%163.5
Daily Pivot Point S1163.43
Daily Pivot Point S2162.69
Daily Pivot Point S3162.3
Daily Pivot Point R1164.57
Daily Pivot Point R2164.95
Daily Pivot Point R3165.7

Author

Pablo Piovano

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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