- EUR/JPY breaks a three-day positive streak and falls to 157.50.
- The proximity to 160.00 continues to limit the upside thus far.
He USD/JPY is under marked selling pressure and falls back to the area of weekly lows at 157.50.
Meanwhile, the cross could enter a consolidation phase before the possible resumption of the uptrend. That said, the immediate hurdle comes at the recent 2023 high at 159.76 (30 Aug) ahead of the key round level at 160.00. 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 148.33.
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.
