The EUR/JPY has exceeded the key technical resistance in 164.60, recovering the bullish impulse after months of consolidation. The torque is now firmly negotiated above its 50 -day mobile average, with a bullish MACD that indicates a greater potential towards the maximum of October 2024 and objectives in 166.70–168.40, provided that 164.60 is maintained as a support, the foreign exchange analysts of Société Générale indicate.
The EUR/JPY exceeds the resistance of 164.60, the MACD indicates a renewed bullish impulse
“The EUR/JPY has recently established itself above the 50 -day mobile average and has exceeded the upper limit of the range in which it evolved since last December (164.60), highlighting the recovery of the bullish impulse. This is also denoted in the Daily MacD, which remains anchored in positive territory.”
“The pair can gradually go towards the maximum of October 2024 and projections close to 166.70/167.10 and 168.40. The defense of the upper band of the previous range in 164.60 will be crucial for persistence in the upward movement.”
Source: Fx Street
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