EUR/JPY Currency Pair Analysis and Short-Term Forecast

Friday, 12 July 2024, 07:20

The EUR/JPY currency pair experienced a recovery after a sharp decline to 171.50, with potential for further downside. Strong support is anticipated at 170.87 resistance turned support, potentially leading to a rebound. The range for consolidations below the 175.41 short-term peak is crucial. A decisive break of 170.87 could signal the start of a larger correction phase.
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EUR/JPY Currency Pair Analysis and Short-Term Forecast

EUR/JPY Daily Outlook

The EUR/JPY currency pair recovered after declining sharply to 171.50.

Key Points:

  • Support: Strong support expected at 170.87 resistance turned support level.
  • Rebound: Possibility of a rebound in the near term.
    1. Consolidation Range: Below 175.41 short-term peak.
  • Correction Phase: Break below 170.87 could indicate a larger correction underway.

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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