- Euro cuts weekly gains against the yen on Thursday.
- EUR / JPY is on its way to close the year with a 3.65% rise
He EUR / JPY is falling on Thursday after rising in the previous three days and hitting a year-and-a-half high at 127.22. In the American session, the price is operating at 126.33, the lowest level since Monday.
The downward pressure intensified on a correction after the euro failed to sustain above 127.00. The decline picked up pace with the drop below 126.50, which was relevant short-term support.
The last day of 2020 is having range runs, stocks operating in mixed terrain on Wall Street, and the euro with some weakness. The latter, added to the modest decline in USD / JPY, puts downward pressure on EUR / JPY.
Compared to a year ago, the EUR / JPY is up 3.65%. It is ending near highs in nearly two years after trading March and April lows since 2016. Stock market rally was the key factor behind the euro’s large rebound against the yen.
The technical outlook remains in favor of the euro, but it should soon rise above 127.00 / 20 to enable more raises, otherwise a downward correction would be expected.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
