Home / Blog / Category / Market Analysis / EUR/JPY’s Bullish Drive Targets ¥165.50
4 April 2024 | FXGT.com

EUR/JPY’s Bullish Drive Targets ¥165.50

  • Uptrend Gains Momentum: The EUR/JPY pair’s uptrend has gained further momentum, driven by the weakening Japanese Yen, showcasing an impressive rise of over 5.80% since the year’s start.
  • Indication of Further Strength: The currency pair’s latest rebound off the daily EMA channel highlights ongoing strength, suggesting a trajectory towards new highs. The immediate focus is on retesting recent peaks at ¥165.50, with the long-term targets shifting towards the ¥170 mark.
  • Major Resistance in Sight: The approach towards the significant psychological resistance level of ¥170, last touched in August 2008, is noteworthy. This level previously initiated a substantial decline in the aftermath of the 2008 financial crisis.
  • Supporting the Uptrend: The uptrend structure remains intact as long as prices uphold the ¥162.50 threshold, identified as the last confirmed bottom formation on the daily timeframe.
  • Overbought Conditions: RSI indicators on the 1-hour and 4-hour timeframes suggest overbought conditions, hinting at a possible exhaustion and a short-term corrective dip.
  • Intraday Support Levels: For intraday dynamics, support levels outlined at ¥164.40 and ¥164 are pivotal. These levels may attract bullish traders aiming to rekindle momentum during any short-term corrective waves.

EURJPY 1 Hour Chart

Help us improve this article.
Disclaimer: Any material and information included herein are intended for general marketing purposes only and does not constitute investment advice or recommendation nor an invitation to acquire any financial instrument and/or be involved in any financial transaction. The investor is solely responsible for the risk of his investment decisions and if considers appropriate, he should seek relevant independent professional advice before making any decision. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. Please read full Non-Independent Investment Research Disclaimer here. Risk Disclosure: CFDs are complex instruments and carry a high level of risk of losing money. Read full Risk Disclosure here .
Categories
Tag
Register

Loved our latest article?

Share it with your friends and followers!

Copied to clipboard
To top

Leveraged products may not be suitable for everyone and may result in loss of all your capital. Please ensure you fully understand the risks involved and whether trading is appropriate for you. Read Full Risk Disclosure here.