FxNews—EUR/JPY is in a bull market, above the 75-period simple moving average. If the currency pair holds above 162.4 support, the uptrend will likely resume, targeting the 78.6% Fibonacci resistance level.
EURJPY Technical Analysis – 23-December-2024
Since early December, the European currency has been trading bullishly against the Japanese yen. As of this writing, the currency pair’s value hovers around 163.4, stabilizing above the 162.4 support.
From a technical perspective, the next bullish target could be the 78.6% Fibonacci retracement level at 164.4. However, in this scenario, EUR/JPY should hold above the immediate support of 162.4.
The Bearish Scenario
Conversely, a dip below 162.4 should invalidate the bullish outlook. If this scenario unfolds, a new consolidation could emerge, targeting the 38.2% Fibonacci at 160.2.