Home EUR/JPY Price Analysis: Next on the upside comes in the YTD tops
FXStreet News

EUR/JPY Price Analysis: Next on the upside comes in the YTD tops

  • EUR/JPY fades two daily advances in a row but stays above 133.00.
  • Next on the upside emerges the YTD top just past 134.00.

EUR/JPY looks offered and sheds some ground following two consecutive daily upticks on Wednesday.

If the selling pressure kicks in, then the cross could attempt a deeper pullback to, initially, the monthly lows near 132.60 (June 11). Further south comes in the 132.04/131.84 band, where coincides the 50-day SMA and the short-term support line.

If the recovery regains serious traction, then the cross could attempt a move to the YTD peak beyond 134.00 the figure ahead of the September/October 2017 highs in the 134.40/50.

In the broader picture, while above the 200-day SMA at 127.53 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.