EUR/JPY Price Forecast: Trades below 169.00 after pulling back from eleven-month highs
- EUR/JPY reached the 11-month high at 169.72 on Monday.
- The 14-day RSI remains above 70, indicating overbought conditions and hinting at a possible near-term pullback.
- The pair may find initial support at the nine-day EMA of 167.51.
EUR/JPY halts its three-day winning streak, trading around 168.80 during the Asian hours on Tuesday. According to the technical analysis of the daily chart, the currency cross attempts to break above the ascending channel pattern, strengthening the bullish bias.
The short-term momentum is stronger as the EUR/JPY cross rises above the nine-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) is positioned above the 70 mark, suggesting an overbought situation and a potential downward correction soon.
On the upside, the EUR/JPY cross is testing the upper boundary of the ascending channel around 168.90, followed by the psychological level of 169.00. A break above the crucial resistance channel would reinforce the bullish bias and support the currency cross to approach the 170.00 level.
The nine-day EMA at 167.51 appears as the initial support. A break below this level would weaken the short-term price momentum and put downward pressure on the EUR/JPY cross to test the ascending channel’s lower boundary around 165.90. Further support appears at the 50-day EMA at 164.42.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.26% | -0.28% | -0.49% | -0.10% | -0.51% | -0.48% | 0.03% | |
| EUR | 0.26% | -0.07% | -0.25% | 0.15% | -0.25% | -0.66% | 0.30% | |
| GBP | 0.28% | 0.07% | -0.22% | 0.22% | -0.17% | -0.60% | 0.21% | |
| JPY | 0.49% | 0.25% | 0.22% | 0.38% | -0.06% | -0.04% | 0.39% | |
| CAD | 0.10% | -0.15% | -0.22% | -0.38% | -0.41% | -0.81% | -0.00% | |
| AUD | 0.51% | 0.25% | 0.17% | 0.06% | 0.41% | -0.42% | 0.39% | |
| NZD | 0.48% | 0.66% | 0.60% | 0.04% | 0.81% | 0.42% | 0.82% | |
| CHF | -0.03% | -0.30% | -0.21% | -0.39% | 0.00% | -0.39% | -0.82% |
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.
