- EUR/JPY hits new highs for the year above 162.00.
- New increases are expected in the short term.
He EUR/JPY manages to overcome the 162.00 barrier and hits new 2023 highs at the beginning of the week.
On the short-term horizon, the cross could continue to rise. Conversely, the breakout of the 2023 high of 162.36 (November 9) is expected to face the next significant resistance level no earlier than the 2008 high of 169.96 (July 23).
Furthermore, the daily RSI is approaching the 68 level, which still leaves some room for the uptrend to continue before entering overbought territory.
For now, the positive long-term outlook for the cross seems favored as long as it remains above the 200-day SMA, today at 152.23.
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.
