EUR/JPY clears 2022 high with RSI approaches overbought zone
EUR/JPY clears the 2022 high (148.40) as it registers a fresh yearly high (148.48), with the recent advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
EUR/JPY Rate Outlook
EUR/JPY has appreciated more than 5% from the start of the year, and a move above 70 in the RSI is likely to be accompanied by a further advance in the exchange rate like the price action from last year.
A close above 148.30 (100% Fibonacci extension) raises the scope for a move towards 149.60 (100% Fibonacci extension), which sits just below the December 2014 high (149.78).
However, lack of momentum to hold above 148.30 (100% Fibonacci extension) may push EUR/JPY back towards the 147.00 (78.6% Fibonacci extension) handle, with the next area of interest coming in around 144.90 (78.6% Fibonacci extension).
Additional Resources:
EUR/USD forecast: April 2022 high back on radar
DavidJSong
EUR/JPY Rate Outlook
EUR/JPY has appreciated more than 5% from the start of the year, and a move above 70 in the RSI is likely to be accompanied by a further advance in the exchange rate like the price action from last year.
A close above 148.30 (100% Fibonacci extension) raises the scope for a move towards 149.60 (100% Fibonacci extension), which sits just below the December 2014 high (149.78).
However, lack of momentum to hold above 148.30 (100% Fibonacci extension) may push EUR/JPY back towards the 147.00 (78.6% Fibonacci extension) handle, with the next area of interest coming in around 144.90 (78.6% Fibonacci extension).
Additional Resources:
EUR/USD forecast: April 2022 high back on radar
DavidJSong
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