Forex analytics and overview

EUR/JPY Jumps to a Fresh 15-Year High

2023.06.27 06:55

XM Group

EUR/JPY

has been in a strong uptrend since the beginning of the year, posting a fresh 15-year high of 157.43 in today’s session. However, this rally appears to have reached overbought conditions, thus a potential downside correction might be on the cards.

The momentum indicators currently suggest that bullish forces could be running out of juice. Specifically, both the RSI and the stochastic oscillator are flat within their overbought territories, hinting towards a rally exhaustion.

Should bearish pressures emerge, the price could initially test the recent support of 154.05. Diving lower, the pair could descend towards the previous resistance of 151.60, which could serve as support in the future. Even lower, the June bottom of 148.58 may provide downside protection.

On the flipside, if the price attempts to extend its advance, the recent 15-year high of 157.43 could prove to be the first barrier for buyers to conquer. Piercing through that wall, the pair might ascend to form fresh multi-year highs, where the May 2008 low of 158.60 could curb any upside moves. A violation of the latter could open the door for the February 2008 peak of 161.38.

Overall, even though EURJPY recorded a fresh 15-year high in today’s session, its rally appears to be fading. Hence, traders should not rule out a pullback as the price has reached overbought conditions.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 103,331.69 1.91%
ethereum
Ethereum (ETH) $ 2,342.19 13.36%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.36 4.96%
bnb
BNB (BNB) $ 636.18 2.95%
solana
Solana (SOL) $ 172.17 7.54%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.2046 7.33%
cardano
Cardano (ADA) $ 0.785545 6.77%
tron
TRON (TRX) $ 0.262234 2.87%
staked-ether
Lido Staked Ether (STETH) $ 2,341.42 13.34%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,293.68 1.94%
sui
Sui (SUI) $ 3.91 0.32%
chainlink
Chainlink (LINK) $ 16.02 4.38%
avalanche-2
Avalanche (AVAX) $ 23.27 9.26%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,807.80 13.24%
stellar
Stellar (XLM) $ 0.296495 5.24%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 7.34%
hedera-hashgraph
Hedera (HBAR) $ 0.200637 5.17%
hyperliquid
Hyperliquid (HYPE) $ 25.08 14.16%
the-open-network
Toncoin (TON) $ 3.28 3.59%
bitcoin-cash
Bitcoin Cash (BCH) $ 409.03 2.02%
leo-token
LEO Token (LEO) $ 8.74 0.76%
usds
USDS (USDS) $ 1.00 0.00%
litecoin
Litecoin (LTC) $ 99.37 7.19%
polkadot
Polkadot (DOT) $ 4.79 11.02%
weth
WETH (WETH) $ 2,341.83 13.28%
monero
Monero (XMR) $ 310.36 6.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,492.04 12.99%
bitget-token
Bitget Token (BGB) $ 4.48 0.66%
pepe
Pepe (PEPE) $ 0.000012 19.03%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.00%
pi-network
Pi Network (PI) $ 0.724564 13.93%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,365.69 2.02%
whitebit
WhiteBIT Coin (WBT) $ 30.38 1.33%
uniswap
Uniswap (UNI) $ 6.33 14.43%
bittensor
Bittensor (TAO) $ 429.41 3.63%
near
NEAR Protocol (NEAR) $ 2.91 11.37%
dai
Dai (DAI) $ 1.00 0.01%
aptos
Aptos (APT) $ 5.54 5.24%
ondo-finance
Ondo (ONDO) $ 1.02 7.04%
okb
OKB (OKB) $ 53.65 2.00%
aave
Aave (AAVE) $ 210.22 7.89%
susds
sUSDS (SUSDS) $ 1.05 0.01%
official-trump
Official Trump (TRUMP) $ 14.61 17.92%
crypto-com-chain
Cronos (CRO) $ 0.101478 4.60%
ethereum-classic
Ethereum Classic (ETC) $ 19.10 7.35%
internet-computer
Internet Computer (ICP) $ 5.43 8.33%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%