EUR/JPY Price Analysis: Corrective move overdue
- EUR/JPY clinches new highs past 164.00.
- A corrective move appears on the cards near term.
EUR/JPY advances further north of the 164.00 level and prints new yearly highs on Thursday.
Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 164.30 (November 16) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).
In the meantime, the daily RSI remains well within the overbought territory near 75, opening the door to a potential near-term corrective move.
So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.58.
EUR/JPY daily chart