FX.co ★ EUR/JPY

Hello traders, The Japanese yen is attempting to strengthen, but the likelihood of a reversal is currently low. In the currency pair EURJPY, a strong upward trend is still intact, with the main target for buyers remaining above 175.00. A pullback towards 168.80-168.45 could see EURJPY price decline realistically. If this scenario unfolds, it could present an opportunity to enter long positions at more favorable prices. If sellers manage to establish below 168.45, then they might have a chance to continue the decline towards 168.00-167.90. Further consolidation below these levels could pave the way for bears towards more distant southern targets closer to 166.00. Achieving this plan would require a rise in the Japanese yen. Nevertheless, as long as the EURJPY price remains above 168.45-167.90, the upward movement remains relevant.