- EUR/JPY reverses two consecutive daily reversals on Wednesday.
- The current overbought conditions continue to indicate potential downsides.
He USD/JPY regains its composure and breaks above the key hurdle of 155.00 on Wednesday.
Although further gains remain on the cards, the current overbought conditions for the cross are indicative that further pullbacks should not be ruled out on the near-term horizon.
Longer term, resumption of the uptrend should clear the y/y high, then refocus on the late September 2008 weekly high of 156.83, which precedes the key round level of 157.00.
For now, the uptrend is in favor, as the cross trades above the 200-day SMA, today at 144.62.
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.
