EURJPY Chart Technical Outlook

EURJPY Chart Technical Outlook fails to break 149.29 and may retreat toward strong support at 148.06 as the Yen licks its wounds

Resistance is holding – the 149.29 line, which capped EUR/JPY last week, has held up against an attack from the bulls. The cross is now retreating, with support at 148.68 and 148.06, and 147.12. Resistance above 149.29 is at 149.94 and 150.38.

While the trend remains on the upside, there is room for a further downside after that rejection, and as the Yen recovers from previous falls. US yields may climb down, dragging USD/JPY and other Yen crosses down. US jobless claims may alleviate fears of an upcoming recession.

All in all, this cross is highly volatile, and it may swing back down.

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