- EUR/JPY flirts with two-day highs above 159.00.
- Further gains could target the 160.00 area in the near term.
The EUR/JPY cross reverses two consecutive daily retracements and recovers above the 159.00 level on Monday.
For now, some consolidation seems likely in the very short term before the rally continues. That being said, the immediate target remains the round 160.00 level.
Breaking past this last level 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 EUR/JPY looks favored as long as it holds above the 200-day SMA, today at 147.38.
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.
