- EUR/JPY reaches new highs above 164.00.
- A corrective movement is expected in the short term.
He EUR/JPY It moves further north of the 164.00 level and hits new yearly highs on Thursday.
On the short-term horizon, the crossover could continue to advance. Conversely, the breakout of the 2023 high at 164.30 (November 16) is expected to face the next significant resistance level no earlier than the 2008 high at 169.96 (July 23).
Meanwhile, the daily RSI remains within the overbought zone, near 75, opening the door for a possible short-term corrective move.
For now, the long-term positive outlook for the cross seems favored as long as it remains above the 200-day SMA, today at 152.58.
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.
