EUR/JPY has broken convincingly above the 61.8% Fibonacci retracement level at 167.42, clearing a major technical hurdle and reaffirming bullish momentum. This breakout also aligns with the pair's broader uptrend supported by the 50-day and 200-day SMAs, which are upward sloping and stacked in bullish order.
Technical Highlights:
Trend & Structure: Strong bullish structure with higher highs and higher lows; today's close above the 167.42 Fibonacci level confirms continuation.
Moving Averages: Price is comfortably above the 50-day and 200-day SMAs, with both acting as dynamic support zones.
MACD: Rising and bullish, with widening histogram bars indicating strengthening momentum.
RSI: At 70.4, the RSI has just entered overbought territory. While this signals strength, traders should also stay alert for signs of potential short-term consolidation or cooling.
Key Level to Watch: The next upside target lies near the 78.6% Fibonacci retracement at 170.93. That level could act as a magnet in the coming sessions if bullish momentum persists. Any retest of the breakout zone around 167.4 could serve as a launchpad if defended.
EUR/JPY remains technically strong, with bullish continuation favored unless price breaks back below the 50-day SMA.
-MW
Technical Highlights:
Trend & Structure: Strong bullish structure with higher highs and higher lows; today's close above the 167.42 Fibonacci level confirms continuation.
Moving Averages: Price is comfortably above the 50-day and 200-day SMAs, with both acting as dynamic support zones.
MACD: Rising and bullish, with widening histogram bars indicating strengthening momentum.
RSI: At 70.4, the RSI has just entered overbought territory. While this signals strength, traders should also stay alert for signs of potential short-term consolidation or cooling.
Key Level to Watch: The next upside target lies near the 78.6% Fibonacci retracement at 170.93. That level could act as a magnet in the coming sessions if bullish momentum persists. Any retest of the breakout zone around 167.4 could serve as a launchpad if defended.
EUR/JPY remains technically strong, with bullish continuation favored unless price breaks back below the 50-day SMA.
-MW
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.