EUR/JPY Price Forecast: The Cross Keeps Bullish Vibe, First Upside Target Emerges Above 162.50
The EUR/JPY pair has been displaying a strong bullish momentum in recent trading sessions, and the trend seems to be continuing. Let’s take a closer look at the price action and identify potential levels of interest for traders.
Technical Analysis
The pair has been trading above the 100-day moving average (MA) since mid-December, indicating a strong uptrend. The Relative Strength Index (RSI) is also above the 50 level, suggesting that the pair is in an uptrend. The 4-hour chart shows that the pair has broken above a key resistance level at 161.50, opening the way for further gains.
Key Levels
The first upside target for the pair is at the 162.50 level, which was a previous resistance level. A break above this level could lead to a test of the 163.80 resistance level. On the downside, the pair could find support at the 161.00 level, which was a previous resistance level that has now turned into support.
Impact on Traders
For traders looking to enter long positions, the EUR/JPY pair presents an excellent opportunity. A break above the 162.50 level could lead to significant gains. On the other hand, traders could also consider taking profits on long positions if the pair reaches the 163.80 resistance level.
Impact on the World
The EUR/JPY pair is an important currency pair that reflects the relative strength of the Euro and the Japanese Yen. A strong Euro could lead to increased demand for European exports, which could benefit countries such as Germany and France. A strong Japanese Yen, on the other hand, could lead to a decrease in exports and a decrease in economic growth for Japan.
Conclusion
In conclusion, the EUR/JPY pair is currently displaying a strong bullish momentum, and the trend seems to be continuing. The first upside target for the pair is at the 162.50 level, and a break above this level could lead to significant gains. Traders looking to enter long positions should consider this opportunity, while those holding long positions could consider taking profits if the pair reaches the 163.80 resistance level. The impact on the world could be significant, with a strong Euro potentially benefiting European exporting countries, while a strong Japanese Yen could lead to a decrease in Japanese exports and economic growth.
- EUR/JPY pair displays strong bullish momentum
- First upside target at 162.50
- Break above this level could lead to significant gains
- Impact on traders: Opportunity for long positions
- Impact on the world: Strong Euro could benefit European exporting countries
