FX.co ★ EUR/JPY

Analysis and Forecast for the EURJPY Currency Pair Based on Technical Analysis At the beginning of this trading week, the Euro against the Japanese Yen pair showed some growth, which was long overdue, as the trend has been upward and the price has been unable to break below the 171.30 support zone for several weeks. Therefore, it is quite logical that we eventually attempted to move to the North. However, it is still evident that the bulls do not have much strength, and although the historical highs are not too far away, the EURJPY pair is struggling to reach the last couple of hundred points. Nevertheless, if the price maintains its position above the 172.60 level, which is approximately the upper boundary of the range in which the pair has been trading for the past few weeks, then it may be worth considering opening long positions. If the price drops back below, then it can be concluded that we are continuing to trade within a range. The priority still remains with buying, but it would be better to do so from the lower boundary at 171.30.