EUR/JPY Daily Outlook: Analyzing Short-Term Trends and Support Levels

Monday, 15 July 2024, 06:56
The recent pullback in EUR/JPY from the 175.41 short-term peak signals a potential further decline. However, the downside movement is expected to find support around the 170.87 level, leading to a retracement and setting the stage for a consolidation phase. A decisive break below 170.87 would indicate a larger correction is unfolding, with downside targets at 167.52 and possibly lower.
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EUR/JPY Daily Outlook: Analyzing Short-Term Trends and Support Levels

EUR/JPY Daily Outlook

Key Points:

  • Firm Break of 170.87: Indicates larger correction
  • Support Level at 170.87: Expected to contain downside
  • Potential Correction: Towards 167.52 and lower

The EUR/JPY pair's short-term outlook suggests a critical price level at 170.87. Traders are advised to monitor this support area closely for potential trading opportunities amid the ongoing market volatility.

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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