- The EUR/JPY resumes its upward path after two sessions of losses.
- Further consolidation in the short term should not be ruled out.
He USD/JPY reverses two consecutive daily declines after briefly falling to the 157.00 area, where the provisional 55-day SMA is also located.
Meanwhile, the cross seems willing to maintain the consolidative mood in the very short term in the face of the possible resumption of the upward trend. That said, the immediate hurdle lies at the recent 2023 high at 159.76 (Aug 30) 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 positive long-term outlook for the cross seems favored as long as it remains above the 200-day SMA, today at 148.35.
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.
