EUR/JPY Weekly Outlook: Analysis of Upward Momentum and Potential Market Consolidation

Sunday, 7 July 2024, 10:06

The EUR/JPY pair reached 174.50 last week before entering a sideways movement. This week, the initial bias is neutral, suggesting further consolidation may occur. A clear breakout above 174.50 could lead to a target at 177.00, while a downward bias may emerge below 173.07, signaling a possible retreat in prices.
Actionforex
EUR/JPY Weekly Outlook: Analysis of Upward Momentum and Potential Market Consolidation

EUR/JPY Weekly Outlook

The EUR/JPY pair continues its upward trend, reaching 174.50 last week before entering a sideways phase. The current bias is neutral, indicating a potential period of consolidation.

Key Points:

  • Upward Trend: The pair's upward momentum led to a peak at 174.50.
  • Sideways Movement: The market is currently in a consolidation phase.
  • Immediate Outlook: A break above 174.50 could target 177.00, while a break below 173.07 might trigger a downward correction.

Conclusion: The EUR/JPY pair is at a critical juncture, with the potential for both further upside and a retracement, depending on key support and resistance levels.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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