The Euro rallied to a near 16-year high against the Japanese Yen, hitting levels last seen in August 2008, with the latter remaining the laggard in the FX space.
EUR/JPY surges to levels not seen since August 2008, capitalizing on a broader Yen weakness. Technical indicators suggest potential for further advances after clearing resistance at 165.30, towards the 169.47 high of August 2008. Downside risks remain once EUR/JPY retreats below the recent high of 166.22. Data from the United States prompted investors to buy the Greenback, which sent USD/JPY to refresh multi-year highs. Therefore, the EUR/JPY followed suit and trades at 166.
If buyers clear 167.00, that will exacerbate a rally to challenge August’s 2008 monthly high at 169.47, ahead of the psychological 170.00 barrier. On the other hand, if sellers drag the exchange rate below 166.22 April 24 daily high, that could open the door to sliding toward the March 20 high of 165.33. Subsequent losses beyond this support target the confluence of the Tenkan and Kijun-Sen at 164.83/64. EUR/JPY Price Action – Daily Chart EUR/JPY Overview Today last price 166.
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