EUR/JPY depreciates after registering little gains in the previous session, hovering around 176.00 during the European trading hours on Wednesday. The technical analysis of the daily chart indicates a bullish revival as the currency cross remains within the ascending channel pattern.
The AUD/JPY cross holds steady near 98.50 during the early European trading hours on Wednesday. Renewed trade tensions between the US and China, and persistent geopolitical tension might underpin safe-haven currencies like the Japanese Yen (JPY) and cap the upside for the cross.
US Dollar (USD) is likely to trade in a range between 151.85 and 152.75. In the longer run, the current price movements are likely the early stages of a 149.50/153.00 range-trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.