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EUR/JPY breaks out of multi-month range, eyes 168.40 target – Société Générale

Source Fxstreet

EUR/JPY has broken above key technical resistance at 164.60, regaining upward momentum after months of consolidation. The pair now trades firmly above its 50-day moving average, with bullish MACD signaling further upside toward October 2024 highs and targets at 166.70–168.40, provided 164.60 holds as support, Société Générale's FX analysts note.

EUR/JPY clears 164.60 resistance, MACD signals renewed upside

"EUR/JPY has recently established itself above the 50-DMA and has now overcome the upper limit of the range within which it evolved since last December (164.60) highlighting regaining upward momentum. This is also denoted by the daily MACD, which remains anchored within positive territory."

"The pair may head higher gradually towards October 2024 high and projections near 166.70/167.10 and 168.40. Defence of the upper band of previous range at 164.60 will be crucial for persistence in up move."

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