- EUR/JPY puts aside two consecutive daily retracements and retests 158.00.
- There seems to be a decent containment zone around 157.00.
He USD/JPY regains some bullish traction and reverses two consecutive sessions of losses earlier in the week.
Continuation of the uptrend could see the cross challenge the recent 2023 high near 159.76 (August 30) ahead of the key round level at 160.00. The breakout of the latter should not see any noteworthy resistance until the 2008 high of 169.96 (23 Jul).
Meanwhile, renewed selling pressure is expected to find initial support at the lows around 157.00 (Sep 1), an area bolstered by the temporary 55-day SMA.
For now, the long-term positive outlook for the cross looks favored as long as it remains above the 200-day SMA, today at 148.05.
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.
