- EUR/JPY extends rally above 159.00 on Wednesday.
- Higher up the key round level emerges at 160.00.
He USD/JPY maintains buying pressure and breaks above the 159.00 barrier on Wednesday.
If the move to the upside picks up, the cross should challenge recent 2023 highs near 159.50 (August 22) before 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 147.84.
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.
