- EUR/JPY briefly tests the area beyond the 151.00 yardstick.
- The continuation of the uptrend targets the 2023 peak near 151.60.
EUR/JPY reverses three consecutive sessions with gains and slip back to the boundaries of the 150.00 zone at the beginning of the week.
Further upside appears a plausible near-term scenario, and convincing breakout of the key round level at 150.00 could encourage the cross to dispute the 2023 top at 151.61 (May 2) in the not-so-distant future.
So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 143.69.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD consolidates in a range around mid-1.2800s, looks to BoE for fresh impetus
The GBP/USD pair struggles to capitalize on the previous day's post-FOMC positive move and oscillates in a narrow trading band during the Asian session on Thursday. Spot prices trade around mid-1.2800s, as traders opt to wait on the sidelines ahead of the Bank of England (BoE) policy update.
EUR/USD cycles familiar levels as NFP jobs dump looms ahead
EUR/USD churned near key technical levels on Wednesday after the Federal Reserve held rates steady for one last meeting as markets had broadly anticipated. The slow race to September’s Fed rate call kicks off on Friday with the latest print of US Nonfarm Payrolls for July.
Gold price retreats from two-week high amid positive risk tone, downside seems cushioned
Gold price gained strong positive traction on Wednesday after the Fed opened the door to reducing borrowing costs as soon as September. The US Treasury bond yields tumbled across the board after the Fed decision, dragging the US Dollar to its lowest level since July 18 and benefiting the non-yielding yellow metal.
Bitcoin declines after Fed holds rates steady
The Federal Reserve announced it would leave rates unchanged at 5.25%-5.5%, according to market expectations. The news led to Bitcoin and the crypto market experiencing a slight downturn. However, most market participants expect the SEC to cut rates as Q3 approaches a close.
Four Bank of England scenarios for markets this Thursday
It's expected a 25 basis point rate cut from the Bank of England this week and if we’re right, that could take 10-year yields below 4% and present a clear downside threat for GBP/USD.