EUR/JPY Weekly Outlook and Key Technical Resistances
Sunday, 21 July 2024, 04:22
EUR/JPY Weekly Analysis
The EUR/JPY currency pair has shown volatility in the recent weeks, primarily due to its significant movements:
- It fell from a short-term top of 175.41 last week.
- After hitting a low of 169.98, the pair managed a recovery.
- The immediate bias for the week remains neutral.
- Pivotal resistance exists at 172.91.
Future Outlook
- If the price drops below 169.98, it is likely to target the 38.2% retracement level at 166.90.
- However, a break above 172.91 will signal bullish momentum and could lead to a retest of previous highs.
In conclusion, traders should be vigilant around critical resistance levels and prepare for potential market movements.
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.