EUR/JPY Price Analysis: Some consolidation likely ahead of extra gains

Market news

20 February 2023

EUR/JPY Price Analysis: Some consolidation likely ahead of extra gains

EUR/JPY gives away part of Friday’s move to YTD highs.
Extra gains should retarget the December 2022 peak near 146.70.

EUR/JPY faces some downside pressure following Friday’s yearly highs in the 143.65/70 band.

While the cross looks somewhat side-lined for the time being, a convincing breakout of the 2023 high at 143.67 (February 17) could trigger a move higher to, initially, the December 2022 top at 146.72 (December 15).

In the meantime, while above the 200-day SMA, today at 141.25, the outlook for the cross is expected to remain positive.

EUR/JPY daily chart

Currencies. Daily history for Monday, February 20, 2023

Commodities. Daily history for Friday, February 17, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.