EUR/JPY Price Analysis: Pulling back in the midst of a strong uptrend

Source Fxstreet
  • EUR/JPY is pulling back within a strong short, intermediate and long-term uptrend. 
  • If it continues declining the pull back could well find support at the 100 SMA. 
  • Any weakness will probably be short-lived given the overall bullish bias of the charts. 

EUR/JPY is in an uptrend on all major timeframes and trading with a bullish bias over a short, intermediate and long time horizon. Given “the trend is your friend” EUR/JPY is more likely than not to continue rising. 

4-hour Chart

The pair has pulled back to the 50 Simple Moving Average (SMA) but the uptrend remains intact in the short-term, and it is expected to find its feet and resume going higher. There are currently no signs of a recovery and reversal in line with the dominant uptrend. 

The 100 SMA (blue) at 168.49 has faithfully supported price on previous pull backs, suggesting it may do the same if price pulls back any lower. 

A break above 170.89 (June 3 high) would establish a higher high and probably indicate a continuation of the uptrend. The next target to the upside is 171.60, the high of April 29. 

The Relative Strength Index (RSI) is in the neutral zone suggests there is more room for upside before the pair becomes overbought. 

EUR/JPY would need to fall to 166.62 (50-day SMA) to suggest a reversal of the dominant uptrend. It would need to break below the trendline at circa 164.50 for confirmation of a reversal of the trend.   

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ripple says XRP reports will look different moving forward, avoiding an SEC repeat-case scenarioRipple CEO Brad Garlinghouse announced late Monday that the company will end its quarterly XRP Markets Report updates after Q2 2025.
Author  Cryptopolitan
May 06, Tue
Ripple CEO Brad Garlinghouse announced late Monday that the company will end its quarterly XRP Markets Report updates after Q2 2025.
placeholder
Gold Price Forecast: XAU/USD failure to breach $3,300 brings $3,250 back into focusGold (XAU/USD) is bouncing higher on Monday, but the broader trend remains bearish, following a nearly 3% decline last week.
Author  FXStreet
Jun 30, Mon
Gold (XAU/USD) is bouncing higher on Monday, but the broader trend remains bearish, following a nearly 3% decline last week.
placeholder
EUR/USD pulls back from highs as investors await further US employment dataThe EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
Author  FXStreet
Jul 02, Wed
The EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
placeholder
Solana’s first spot staking ETF launched with $33 million in trading volumeSolana’s first spot staking ETF launched with $33 million in trading volume on its debut day.
Author  Cryptopolitan
18 hours ago
Solana’s first spot staking ETF launched with $33 million in trading volume on its debut day.
placeholder
Nonfarm Payrolls set to show hiring environment in US labor market remained subdued in JuneThe all-important United States (US) Nonfarm Payrolls (NFP) data for June will be released by the Bureau of Labor Statistics (BLS) on Thursday at 12:30 GMT.
Author  FXStreet
18 hours ago
The all-important United States (US) Nonfarm Payrolls (NFP) data for June will be released by the Bureau of Labor Statistics (BLS) on Thursday at 12:30 GMT.
Related Instrument
goTop
quote