- The EUR/JPY pair could crash again considering that daily analysis shows a major downtrend.
- The bullish trend is strengthening as the 14-day RSI is still just above the 50 level.
- The main support is seen at the 14-day EMA at 162.53, followed by resistance at 162.50.
The euro was trading slightly lower against the yen on Asian exchanges on Wednesday at 162.60, after rising 1 percent in the previous session. Analysis of the daily chart shows the pair is still within an ascending channel, suggesting the rally could continue.
The 14-day relative strength index (RSI) is trading just above 50, supporting a bullish outlook for EUR/JPY. The pair is also above the 9-day and 14-day exponential moving averages (EMAs), suggesting near-term price consolidation and supporting the potential for further upside.
On the upside, EUR/JPY could face significant resistance at 164.90, a two-month low. A break above this level could improve the trend and support the price towards the uptrend’s upper psychological level of 166.50 and then towards the six-month high of 166.69, not seen since October 2024.
In terms of support, the EUR/JPY pair is likely to find significant support at the 14-day moving average of 162.53. This level is in line with the 9-day moving average of 162.51 and the high of 162.50. A break below this key support area would spark a short-term bearish move and trigger a bullish move in the currency pair, sending it towards the sentimental support level of 160.50 at the lower end of the uptrend, before falling to a new four-month low. It closed at 156.18 on December 28. 3.
EUR/JPY: Technical Analysis on the Daily Chart
Euro Price Analysis Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | 0.04% | -0.03% | -0.04% | -0.05% | -0.12% | -0.03% | |
| EUR | -0.04% | 0.00% | -0.08% | -0.09% | -0.10% | -0.16% | -0.07% | |
| GBP | -0.04% | -0.00% | -0.10% | -0.08% | -0.10% | -0.17% | -0.05% | |
| JPY | 0.03% | 0.08% | 0.10% | -0.01% | -0.02% | -0.09% | 0.02% | |
| CAD | 0.04% | 0.09% | 0.08% | 0.00% | -0.02% | -0.09% | 0.03% | |
| AUD | 0.05% | 0.10% | 0.10% | 0.02% | 0.02% | -0.06% | 0.05% | |
| NZD | 0.12% | 0.16% | 0.17% | 0.09% | 0.09% | 0.06% | 0.10% | |
| CHF | 0.03% | 0.07% | 0.05% | -0.02% | -0.03% | -0.05% | -0.10% |
