02 Oct 2024
EUR/JPY Price Forecast: Bearish outlook remains intact below 159.00
The EUR/JPY cross extends its downside to around 158.80 during the early European session on Wednesday. The risk-aversion across global markets provides some support to the safe-haven asset like the Japanese Yen (JPY).
Technically, EUR/JPY keeps the bearish vibe unchanged on the daily chart as the cross holds below the key 100-day Exponential Moving Averages (EMA). Furthermore, the downward momentum is supported by the Relative Strength Index (RSI), which stands below the midline near 45.80, suggesting that there could still be room for further downward movement in the near term.
The low of September 30 at 158.10 acts as an initial support level for the cross. A breach of this level will see a drop to 155.60, the lower limit of the Bollinger Band. Extended losses could pave the way to 154.41, the low of August 5.
On the other hand, the first upside barrier emerges at 161.80, the upper boundary of the Bollinger Band. Any follow-through buying above the mentioned level could see a rally to 163.15, the 100-day EMA. The additional upside filter to watch is the 164.00 psychological mark.
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