EURJPY surges to a new 15-year peak.
- EURJPY posts a new 2023 peak in today’s session
- Quickly erases gains, seems unable to extend its advance
- Momentum indicators suggest that bulls have lifted foot off the gas
EURJPY had been stuck in a rangebound pattern for the last couple of months, repeatedly failing to extend its bullish medium-term technical structure. Even though the price managed to record a fresh 15-year peak of 159.90 in today’s session, it seems to be lacking the necessary momentum to push even higher.
Should buying pressures intensify, the price could storm towards fresh multi-year highs, where the February 2008 peak of 161.38 might curb the pair’s upside. Surpassing that zone, the price may ascend towards the April 2008 high of 164.97. Conquering this barricade, the bulls could then aim for 167.72, the highest level observed in October 2007.
If the price reverses lower, the previous resistance region of 158.46 could now serve as strong support. A break below that territory could trigger a retreat towards the September-October support of 156.56. Failing to halt there, the price could then test the October low of 154.34.
In brief, EURJPY posted a fresh 15-year high on Tuesday but still failed to stage a broader rally to the upside. Is the price heading back to its tight range?