EURJPY Faces Pullback After Reaching 32-Year High
Tuesday, 23 July 2024, 07:59
EURJPY Uptrend Overview
The EURJPY currency pair has been on an impressive uptrend since the start of the year, reaching a new 32-year high of 175.41.
Impact of Japan's Currency Intervention
Despite this achievement, the pair encountered a pronounced pullback following a recent currency intervention from Japan. This intervention has caused the EURJPY to retreat and approach significant technical levels.
Technical Analysis
- The decline has brought the currency pair towards the 50-day simple moving average (SMA).
- It is also nearing an ascending trendline that has been in place since December 2023.
Conclusion
This pullback may signal a shift in the long-term outlook for EURJPY, emphasizing the need for careful market analysis in light of recent developments.
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.