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FOREX: EURJPY Breaches Important Resistance Points, Significant Event Risk Ahead

FOREX
BulletMarketsForeign Exchange Bullets
  • EURJPY traded higher Wednesday and despite today’s early pullback, the cross is holding on to the bulk of the week’s advance. The rally has confirmed a breach of two important resistance points on the chart; 163.49, the Sep 27 high and 163.89, the Aug 15 high.
  • Price action highlights the potential for a stronger reversal, and the cross should remain a key focus in G10 currency markets ahead of a busy economic calendar next week. Topside targets include 166.53 and 168.01, highs made in late July.
  • Additionally, moving average indicators are in bull-mode and both 20- and 50-day EMA’s have supported the cross well in recent sessions. Initial firm support to watch is 161.85, the Oct 17 low.
  • A reminder that snap legislative elections for all 465 seats in the House of Representatives will be held this Sunday in Japan. Additionally, both the Bank of Japan decision and Eurozone inflation data are scheduled next Thursday, likely to keep heightened attention on EURJPY developments.
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  • EURJPY traded higher Wednesday and despite today’s early pullback, the cross is holding on to the bulk of the week’s advance. The rally has confirmed a breach of two important resistance points on the chart; 163.49, the Sep 27 high and 163.89, the Aug 15 high.
  • Price action highlights the potential for a stronger reversal, and the cross should remain a key focus in G10 currency markets ahead of a busy economic calendar next week. Topside targets include 166.53 and 168.01, highs made in late July.
  • Additionally, moving average indicators are in bull-mode and both 20- and 50-day EMA’s have supported the cross well in recent sessions. Initial firm support to watch is 161.85, the Oct 17 low.
  • A reminder that snap legislative elections for all 465 seats in the House of Representatives will be held this Sunday in Japan. Additionally, both the Bank of Japan decision and Eurozone inflation data are scheduled next Thursday, likely to keep heightened attention on EURJPY developments.