- EUR/JPY halts a three-day positive streak and drops to 157.50.
- The vicinity of 160.00 continues to cap the upside so far.
EUR/JPY comes under some marked selling pressure and recedes to the area of weekly lows in the mid-157.00s.
In the meantime, the cross could move into a consolidative phase ahead of the potential resumption of the uptrend. That said, immediate hurdle emerges at the recent 2023 peak at 159.76 (August 30) prior to the key round level at 160.00. The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23).
So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.33.
EUR/JPY daily chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD ticks north, stands below 1.0950 post-US PCE inflation
EUR/USD battles for direction following inflation gauges. The EU reported softer-than-anticipated price pressures in October, while the US Core Personal Consumption Expenditures - Price Index came in at 3.5% YoY as expected, easing from 3.7% in the previous month.
GBP/USD keeps the red below 1.2650 after US PCE
GBP/USD slid towards the 1.2650 region in European trading hours on Thursday, holding nearby after the release of US PCE inflation. The annual reading matched investors' expectations at 3.5%, while monthly inflation in the US stood at 0.2%, also in line with the market forecast.
Gold price steady at around $2,040 after US PCE figures
Gold price (XAU/USD) struggles to gain any meaningful traction on Thursday and consolidates its recent strong gains to its highest level since May 5 touched the previous day. US Dollar gaining modest traction on encouraging inflation gauges.
Bitcoin Spot ETF anticipation fuels BTC price rally in spot and futures markets
Bitcoin Spot ETFs could see a batch approval in January. Eric Balchunas, a Bloomberg ETF analyst shared details of an updated application by asset manager BlackRock.
Oil up half it was earlier this Wednesday as OPEC+ Joint Ministerial Committee takes place
WTI Oil clings on to 1% gains as OPEC+ meeting enters next phase. The US Dollar is roaring back after a few days of substantial weakness. Oil very volatile ahead of a possible OPEC+ outcome later this Thursday.