EURJPY continued its upward trend on Wednesday, reaching a new record high above the 171 mark. This surge was driven by the yen’s weakness against other currencies.
The pair has been on a strong upward trajectory for eight consecutive days, heading towards its sixth consecutive monthly gain since December/January. The bulls have pushed the price above 171.68, with further targets at 172.00 and Fibonacci projections at 172.17 and 172.57.
Despite overbought signals and intervention warnings, buyers remain strong. However, a slight price correction is expected in the near future. It is likely that the price will find support above the key 170 level, offering opportunities for buyers to enter the market.
Traders should be cautious of potential interventions that could impact the price movement.
Resistance levels are at 172.00, 172.17, 172.57, and 173.00, while support levels are at 171.44, 171.00, 170.85, and 170.00.
The chart below illustrates the recent uptrend in EURJPY.