- EUR/JPY extends weekly uptrend beyond 158.00.
- The next bullish level is the high of the year.
He EUR/JPY chained its third consecutive session of gains and managed to recover the 158.00 barrier and beyond on Tuesday.
Meanwhile, the cross continues to face a consolidation range. Against this, a small hurdle emerges at the monthly high reached so far at 158.65 (September 13), ahead of the 2023 high at 159.76 (August 30), which precedes the key round level at 160.00. Breaking through the latter should not lead to any resistance levels worth mentioning until the 2008 high at 169.96 (July 23).
For now, the positive long-term outlook for the cross seems favored as long as it remains above the 200-day SMA, today at 148.84.
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.
