EUR/JPY Daily Outlook and Market Analysis

Monday, 5 August 2024, 07:14
The EUR/JPY currency pair shows a neutral intraday bias as it consolidates above the 164.81 level. A further decline is anticipated while the 55 4H EMA, currently at 168.63, remains intact. A decisive break below the support level of 164.29 could signal a more significant correction down to the 155.91 Fibonacci level. Conversely, if the 55 4H EMA is breached, a rebound towards the 55 D EMA at 169.79 is likely.
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EUR/JPY Daily Outlook and Market Analysis

EUR/JPY Daily Overview

The EUR/JPY pair continues its consolidation above the 164.81 mark, maintaining a neutral bias.

Current Market Dynamics

  • The pair faces potential decline as long as the 55 4H EMA holds at 168.63.
  • A decisive break below 164.29 support could trigger a larger correction.

Future Forecast

  1. If the 55 4H EMA is sustained, expect a rebound towards 169.79.
  2. Monitor the Fibonacci level at 155.91 for potential long-term trading strategies.

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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