EUR/JPY Price Forecast: Rises toward 169.00 near ascending channel’s upper boundary
- EUR/JPY targets the upper boundary of the ascending channel around 169.20.
- The 14-day RSI is positioned slightly lower than 70, strengthening the bullish bias.
- The nine-day EMA of 167.68 would act as the primary support.
EUR/JPY retraces its recent losses registered in the previous session, trading around 168.80 during the European hours on Wednesday. According to the technical analysis of the daily chart, the currency cross remains within the ascending channel pattern, strengthening the bullish bias.
The short-term price momentum is stronger as the EUR/JPY cross is positioned above the nine-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) is positioned slightly below the 70 mark, strengthening the bullish bias. However, the downward correction could be possible if the RSI breaks above the 70 mark, indicating an overbought situation.
On the upside, the EUR/JPY cross may re-test the upper boundary of the ascending channel around 169.20, followed by the 11-month high of 169.72, reached on June 23. A successful breach above this crucial resistance zone would reinforce the bullish bias and support the currency cross to approach the psychological 170.00 level.
The initial support appears at the nine-day EMA of 167.68. A successful break below this level would weaken the short-term price momentum and prompt the EUR/JPY cross to test the ascending channel’s lower boundary around 166.00, followed by the 50-day EMA at 164.57.
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 Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.03% | -0.03% | 0.35% | 0.06% | -0.12% | -0.33% | -0.02% | |
| EUR | -0.03% | -0.04% | 0.32% | 0.00% | -0.18% | -0.37% | -0.05% | |
| GBP | 0.03% | 0.04% | 0.36% | 0.06% | -0.11% | -0.33% | 0.02% | |
| JPY | -0.35% | -0.32% | -0.36% | -0.35% | -0.45% | -0.65% | -0.33% | |
| CAD | -0.06% | -0.00% | -0.06% | 0.35% | -0.10% | -0.26% | -0.04% | |
| AUD | 0.12% | 0.18% | 0.11% | 0.45% | 0.10% | -0.27% | 0.13% | |
| NZD | 0.33% | 0.37% | 0.33% | 0.65% | 0.26% | 0.27% | 0.35% | |
| CHF | 0.02% | 0.05% | -0.02% | 0.33% | 0.04% | -0.13% | -0.35% |
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).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
