EUR/JPY and GBP/JPY Technical Forecast: Yen Crosses Ready for Bullish Breakouts
The EUR/JPY and GBP/JPY currency pairs are showing signs of potential bullish breakouts in the near future. Both pairs have been trading in a range for some time now, but recent price action suggests that a breakout to the upside could be on the horizon.
The EUR/JPY pair has been consolidating within a tight range between 130.00 and 132.00 for the past few weeks. However, a recent uptick in buying pressure has pushed the pair towards the upper end of this range, indicating that a bullish breakout could be imminent. If the pair is able to break above the 132.00 level, it could open the door for further gains towards the next resistance level at 133.00.
Similarly, the GBP/JPY pair has been trading within a range between 150.00 and 152.00 for the past month. Like the EUR/JPY pair, the GBP/JPY pair has also seen a recent increase in buying pressure, suggesting that a bullish breakout could be on the cards. If the pair is able to break above the 152.00 level, it could pave the way for a move towards the next resistance level at 153.00.
Overall, both the EUR/JPY and GBP/JPY pairs appear to be poised for bullish breakouts in the near future. Traders should keep a close eye on price action in the coming days to see if these potential breakouts materialize.