EUR/JPY Price Analysis: There is still room for further upside
|- EUR/JPY climbs to new YTD peaks past 162.00.
- Further gains remain on the cards in the near term.
EUR/JPY manages to clear the 162.00 hurdle and print fresh 2023 tops at the beginning of the week.
Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 162.36 (November 9) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).
Bolstering the above, the daily RSI approaches the 68 level, still leaving some room for the continuation of the uptrend before entering the overbought territory.
So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.23.
EUR/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.