- EUR/JPY partially moderates Monday’s strong advance.
- The resumption of the bullish bias could visit 160.00.
He USD/JPY it is now facing further downward pressures and paring some of the strong gains posted earlier in the week.
At the moment, some consolidation seems likely in the very short term before the continuation of the increases. That being said, the immediate target remains the round 160.00 level.
Breaking of the latter should not lead to any noteworthy resistance levels until the 2008 high at 169.96 (July 23).
For now, the long-term positive outlook for the cross looks favored as long as it remains above the 200-day SMA, today at 147.45.
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.
