EUR/JPY Price Analysis: The next up barrier remains at 158.00

Market news

4 August 2023

EUR/JPY Price Analysis: The next up barrier remains at 158.00

EUR/JPY reverses two daily gains of losses and advances above 156.00.
Immediately to the upside emerges the 2023 high around 158.00.

EUR/JPY manages to pick up pace and reclaims the area above the 156.00 hurdle after two consecutive daily pullbacks on Friday.

In the meantime, the continuation of the upside momentum appears likely with the initial target still at the 2023 high at 158.04 (July 21). The surpass of this level exposes a move to the round level of 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.68.

EUR/JPY daily chart

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