EUR/JPY Price Forecast: Trades below 166.00 after pulling back from eight-month highs
- EUR/JPY may find primary resistance at the eight-month high of 166.43
- The 14-day RSI remains above the 50 level, indicating the prevailing bullish bias.
- The nine-day EMA at 164.92 appears as the initial support.
EUR/JPY halts its five-day winning streak, trading around 165.80 during the Asian hours on Thursday. The strengthening of a bullish bias appears as the currency cross moves upwards within an ascending channel pattern, suggested by the technical analysis of the daily chart.
However, the EUR/JPY cross rises above the nine-day Exponential Moving Average (EMA), signaling short-term momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, suggesting a persistent bullish bias. A break above the 70 mark would indicate an overbought situation and a potential downward correction sooner.
On the upside, the EUR/JPY cross may target an eight-month high of 166.43, which was recorded on June 11, followed by the upper boundary of the ascending channel around 167.50.
The EUR/JPY cross could encounter initial support at the nine-day EMA of 164.92, followed by the 50-day EMA at 163.18. A decisive break below these levels would weaken the short- and medium-term price momentum and put downward pressure on the currency cross to test the ascending channel’s lower boundary around 162.10. Further support appears at the nine-week low at 160.98.
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 weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.28% | -0.28% | -0.49% | -0.08% | -0.05% | -0.15% | -0.48% | |
| EUR | 0.28% | 0.00% | -0.20% | 0.20% | 0.21% | 0.13% | -0.17% | |
| GBP | 0.28% | -0.01% | -0.21% | 0.19% | 0.20% | 0.11% | -0.20% | |
| JPY | 0.49% | 0.20% | 0.21% | 0.40% | 0.40% | 0.27% | -0.01% | |
| CAD | 0.08% | -0.20% | -0.19% | -0.40% | 0.03% | -0.09% | -0.40% | |
| AUD | 0.05% | -0.21% | -0.20% | -0.40% | -0.03% | -0.08% | -0.40% | |
| NZD | 0.15% | -0.13% | -0.11% | -0.27% | 0.09% | 0.08% | -0.32% | |
| CHF | 0.48% | 0.17% | 0.20% | 0.00% | 0.40% | 0.40% | 0.32% |
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.
