EUR/JPY Weekly Outlook: Consolidation Amidst Market Movements

Saturday, 27 July 2024, 11:42
The EUR/JPY currency pair experienced a notable decline from a peak of 175.41 to a low of 164.81 last week. Fortunately, the market demonstrated resilience as it recovered ahead of the significant 164.29 resistance level, which has now turned into support. As we look to the week ahead, the initial bias remains neutral, but the risk continues to lean towards the downside, particularly if the crucial 169.98 resistance level holds firm. A decisive break below the 164.29 support could indicate a shift towards a larger correction targeting the Fibonacci level of 155.91.
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EUR/JPY Weekly Outlook: Consolidation Amidst Market Movements

EUR/JPY Weekly Outlook

The EUR/JPY currency pair has shown significant fluctuations in the past week.

Recent Price Movements

  • The pair fell from 175.41 to 164.81.
  • It recovered before reaching the 164.29 resistance, which has turned into support.

Outlook for the Coming Week

The initial bias remains neutral for this week. The following points are essential:

  1. Risk is tilted towards the downside as long as the 169.98 resistance level holds.
  2. A decisive break of 164.29 support could signal a larger correction.
  3. This correction might target the 155.91 Fibonacci level.

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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