EUR/JPY Price Analysis: Further weakness not ruled out

Market news

28 July 2023

EUR/JPY Price Analysis: Further weakness not ruled out

EUR/JPY trades in a volatile fashion after the initial drop to 151.40.
In the current context, further losses should remain on the table.

EUR/JPY trades in quite a volatile fashion following both the ECB and the BoJ meetings.

Once the dust settles, further decline could prompt the cross to test the interim 100-day SMA around 149.80. On the other hand, the resumption of the uptrend could motivate the cross to dispute the 2023 high in the 158.00 zone.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.43.

EUR/JPY daily chart

AUD/USD to test and then likely break support at 0.6598/94 – Credit Suisse

BoJ: Possibility of slightly higher interest rates long-term would be a disastrous for the JPY – Commerzbank

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.