FX.co ★ EUR/JPY

The euro is strengthening its position in the EURJPY pair as well, and the Japanese yen isn’t really putting up much resistance. Buyers have once again pushed up to 186.50, the uptrend remains in force, but a pullback down is still realistic. From current levels, they might try to push EURJPY back to 186.35 and possibly down to 186.15, and from there it can resume growth. A consolidation above 186.50 will open the way for buyers to 186.70, and after successfully breaking through this level, the rise can continue to 187.10 and 187.50. If sellers manage to consolidate below 186.15, then they may be able to push the price to 185.95, 185.75 and 185.55, but this would still fit within a correction. Even if it drops below 185.55, that will also be a pullback, and the lower it goes, the more attractive the buying opportunities. Of course, intervention by the Japanese authorities can instantly change the sentiment, but for now the uptrend remains in play.