- EUR/JPY remains neutral with an upward bias, trading flat shy of testing year-to-date highs.
- A reclaim of the YTD high at 159.49 could set the stage for a run at 160.00, while a drop below the Tenkan-Sen line at 158.18 signals a potential downside.
The Euro (EUR) extended its gains against the Japanese Yen (JPY) on Tuesday, but as Wednesday’s Asian session begins, the EUR/JPY cross-currency pair remains flat at around 158.68, shy of testing year-to-date (YTD) highs.
- EUR/JPY remains neutral with an upward bias, trading flat shy of testing year-to-date highs.
- A reclaim of the YTD high at 159.49 could set the stage for a run at 160.00, while a drop below the Tenkan-Sen line at 158.18 signals a potential downside.
The Euro (EUR) extended its gains against the Japanese Yen (JPY) on Tuesday, but as Wednesday’s Asian session begins, the EUR/JPY cross-currency pair remains flat at around 158.68, shy of testing year-to-date (YTD) highs.
EUR/JPY Price Analysis: Technical outlook
From a daily chart standpoint, the EUR/JPY remains neutral to an upward bias. But given that the last swing low was at 156.86, below the August swing low of 157.65, the current leg-up could be viewed as an upward correction. However, if buyers reclaim the YTD high at 159.49, that would pave the way for 160.00. Conversely, a drop below the Tenkan-Sen line at 158.18 can open the door for further downside.
In the short-term, the EUR/JPG is upward biased, but it needs to reclaim above the August 29 daily high of 159.06 to test YTD highs. Otherwise, if the cross dives below the Tenkan and Kijun-Sen lines at around 158.68/65, the pair could descend to the top of the Ichimoku Cloud (Kumo) at 158.33, followed by the S1 daily pivot at 158.25
From a daily chart standpoint, the EUR/JPY remains neutral to an upward bias. But given that the last swing low was at 156.86, below the August swing low of 157.65, the current leg-up could be viewed as an upward correction. However, if buyers reclaim the YTD high at 159.49, that would pave the way for 160.00. Conversely, a drop below the Tenkan-Sen line at 158.18 can open the door for further downside.
In the short-term, the EUR/JPG is upward biased, but it needs to reclaim above the August 29 daily high of 159.06 to test YTD highs. Otherwise, if the cross dives below the Tenkan and Kijun-Sen lines at around 158.68/65, the pair could descend to the top of the Ichimoku Cloud (Kumo) at 158.33, followed by the S1 daily pivot at 158.25
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