EUR/JPY Weekly Outlook: Current Trends and Future Predictions
Saturday, 3 August 2024, 11:51
EUR/JPY Weekly Outlook
The EUR/JPY exchange rate's recent drop from 175.41 has amplified over the past week, leading to expectations of a larger corrective phase. Below are the critical observations:
Current Trend Analysis
- Downward Pressure: The initial bias primarily indicates a continuation of the decline.
- Target Level: Watch for the 155.91 Fibonacci level as a potential support zone.
Resistance Considerations
If the exchange rate exceeds 163.41, the market may enter a neutral consolidation phase.
Conclusion
Overall, the EUR/JPY outlook remains bearish in the near term, with key levels to monitor for potential reversals and further declines.
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.