PRICE OF THE PRICE OF THE EUR/JPY: CROSS ABOVE 170.00, RENEW ANNUAL MAXIMUM

  • The EUR/JPY rises to 170.42, its highest level since July 2024.
  • Alcista trend intact above the cloud of Ichimoku, the RSI is approaching the overcompra zone.
  • A rupture above 171.09 opens the way to the psychological resistance of 172.00.
  • A fall below 170.00 could trigger a setback around 169.25 or July minimum in 168.45.

The EUR/JPY crosses the threshold of 170.00 in the year, for the first time since July of last year, although it registers minimum losses of 0.10% after reaching an annual maximum of 170.42. At the time of writing, the crossing is negotiated at 170.18 due to an environment of risk aversion, since the futures of US shares fall in the middle of a thin volume trade, with the US markets closed in observance of the US Independence Day.

PRICE OF THE PRICE OF EUR/JPY: TECHNICAL PERSPECTIVE

The rise road remains intact, after the Japanese Yen recovered during the first two months of the second half of 2024, sending the EUR/JPY of around 175.42 to 154.39. Since then, the pair has enjoyed a recovery, racing the way for higher prices to be tested.

The impulse, although slightly overcompared as indicated by the relative force index (RSI), is bullish. It is worth noting that EUR/JPY has been constantly climbing, after crossing over the Ichimoku cloud (Kumo) on March 12.

The first key resistance would be the maximum daily of July 23, 2024 in 171.09. A rupture of this last will expose the maximum of July 19, 2024 in 171.87, before testing the level of 172.00. On the contrary, if the EUR/JPY falls below 170.00, a movement towards Tenkan-sen is probable in 169.25. A greater decrease in 168.45, the minimum oscillation of July 1 is expected.

EUR/JPY – DIARY PRICE GRAPH

Euro price this week

The lower table shows the percentage of euro change (EUR) compared to the main currencies this week. Euro was the strongest currency against pound sterling.

USD EUR GBP JPY CAD Aud NZD CHF
USD -0.40% 0.49% 0.13% -0.60% -0.17% 0.02% -0.64%
EUR 0.40% 0.86% 0.53% -0.21% 0.20% 0.43% -0.25%
GBP -0.49% -0.86% -0.49% -1.05% -0.66% -0.43% -1.10%
JPY -0.13% -0.53% 0.49% -0.74% -0.25% -0.07% -0.72%
CAD 0.60% 0.21% 1.05% 0.74% 0.38% 0.63% -0.04%
Aud 0.17% -0.20% 0.66% 0.25% -0.38% 0.21% -0.44%
NZD -0.02% -0.43% 0.43% 0.07% -0.63% -0.21% -0.66%
CHF 0.64% 0.25% 1.10% 0.72% 0.04% 0.44% 0.66%

The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the euro of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the EUR (base)/USD (quotation).

Source: Fx Street

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