- EUR/JPY resumes the downtrend and revisits the 158.00 area.
- So far, the 55-day SMA around 158.00 acts as a decent containment.
He EUR/JPY fades Thursday’s small rally and returns its attention to Friday’s declines.
Following the price development, the cross could have entered a consolidation phase. On the contrary, the breakout of this theme could encourage the index to challenge the 2023 high at 159.91 (Oct 24) followed closely by the round level at 160.00.
For now, the positive long-term outlook for the cross seems favored as long as it remains above the 200-day SMA, today at 151.18.
EUR/JPY Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
