EUR/JPY Price Analysis: The 160.00 hurdle is just around the corner

Market news

24 October 2023

EUR/JPY Price Analysis: The 160.00 hurdle is just around the corner

EUR/JPY comes under pressure following new 2023 highs.
Extra advance now looks at the round level of 160.00.

EUR/JPY reverses three consecutive daily gains and challenges the 159.00 support after hitting new yearly peaks near the 160.00 barrier earlier in the session.

Considering the current price action, further upside appears in the pipeline for the cross in the short-term horizon. Against that, the immediate hurdle emerges at the 2023 top at 159.91 (October 24) just ahead of the round level at 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 150.89.

EUR/JPY daily chart

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