EURJPY Chart Technical Outlook, above 160.90, the next target is 162.75
The Euro has resumed its bullish trend against the Yen. Brighter market sentiment and investors’ disappointment about the Bank of Japan’s commitment to its ultra-loose monetary policy are likely to keep weighing on the JPY.
Technical indicators are pointing higher and the pair is testing long-term highs at 160.85. Above here, the pair might find some resistance at the top of the last four week’s trading channel, now at 161.40 on track to 162.75, the 161.8% Fibonacci extension level of the October 30 – 31 bull run.
Support levels are 160.35 and 159.10.