EUR/JPY Price Forecast: Remains below ascending triangle top near 186.00
EUR/JPY Price Forecast: Remains below ascending triangle top near 186.00
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EUR/JPY Price Forecast: Remains below ascending triangle top near 186.00
Forex
Looking at the 4-hour chart, the pair surpassed the 61.8% Fibonacci retracement level of the downward move from the 162.70 swing high to the 161.28 low. The pair even settled above 162.20, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
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USD/JPY is on the verge of testing a breakout and I think this is an important time to revisit the manner, as I've seen multiple retail traders pointing to 163 as a point of possible resistance with the hope that the Japanese government might take effort to defend the level. This seems very similar to the episode we had back in 2022 at 150, or 2024 with 151.95 and then 160.
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