EUR/JPY Price Analysis: Corrective move overdue

EUR/JPY clinches new highs past 164.00.
A corrective move appears on the cards near term.

Pablo Piovano FXStreet

EUR/JPY advances further north of the 164.00 level and prints new yearly highs on Thursday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 164.30 (November 16) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).

In the meantime, the daily RSI remains well within the overbought territory near 75, opening the door to a potential near-term corrective move.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.58.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	164.11
Today Daily Change	47
Today Daily Change %	-0.04
Today daily open	164.18

Trends
Daily SMA20	160.3
Daily SMA50	158.69
Daily SMA100	157.9
Daily SMA200	152.5

Levels
Previous Daily High	164.2
Previous Daily Low	163.07
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	163.77
Daily Fibonacci 61.8%	163.5
Daily Pivot Point S1	163.43
Daily Pivot Point S2	162.69
Daily Pivot Point S3	162.3
Daily Pivot Point R1	164.57
Daily Pivot Point R2	164.95
Daily Pivot Point R3	165.7

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.