EUR/JPY Daily Outlook

Daily Pivots: (S1) 160.85; (P) 161.59; (R1) 162.85; More…

The intraday outlook for the EUR/JPY currency pair currently remains neutral. Following a recovery from the low of 159.74, there are indications that this upward movement may continue. However, for a more sustained upward trend to develop, the key resistance level at 162.88 must hold. If the price declines below 159.74, it will aim for the support level at 156.16. Conversely, breaking through the resistance at 162.88 would open the path for a retest of 164.89.

Looking at the broader context, the price movements since reaching 175.41 are interpreted as a correction to the rally that started from the 2020 low of 114.42. The expected range of consolidation is between the 38.2% retracement level of 114.42 to 175.41, which is noted at 152.11, and the high of 175.41. A significant break below 152.11 would imply that a deeper correction phase could be underway.

EUR, JPY, Outlook