- EUR/JPY breaks above the Tenkan-Sen and targets a potential of 165.00.
- Holding above 164.00 could test yearly highs.
- Bears target below 164.00 for reversal; Tenkan-Sen, Kijun-Sen as supports.
The Euro advanced strongly against the Japanese Yen (JPY) on Wednesday, amid an improvement in risk appetite and the dovish stance taken by the Bank of Japan (BoJ) despite rising interest rates. At the time of writing this report, the pair EUR/JPY is trading at 164.25, up 0.67% on the day.
EUR/JPY Price Analysis: Technical Outlook
Euro bulls re-entered the market, lifting the EUR/JPY pair above the Tenkan-Sen to 163.71, opening the door to reclaim the 164.00 mark. This suggests that buyers are gaining strength, which would open the door to challenging the 165.00 mark. A breakout of the latter would expose the pair to a fall. Exceeding this last mark would expose the annual maximum of 165.34.
On the other hand, sellers must drag prices below 164.00 to challenge the new Tenkan-Sen level at 163.71, the next support level. Once above this level, sellers could test the Senkou Span A at 163.25, followed by the Kijun-Sen level at 162.78.
EUR/JPY Price Action – 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.
