EUR/JPY is currently trading around 174.30, putting a stop to its three-day decline. The daily chart analysis reveals a rising wedge pattern, which suggests a possible bearish reversal. Moreover, the 14-day Relative Strength Index (RSI) is above 70, indicating that the currency asset is overbought and may be due for a correction.
The Moving Average Convergence Divergence (MACD) line is currently positioned above both the centerline and the signal line, providing confirmation of bullish momentum. Traders should keep an eye out for potential shifts in momentum within the EUR/JPY cross.
In terms of resistance levels, the upper boundary of the rising wedge is around 174.40. A successful breakout above this level could reinforce the bullish bias and push the cross towards the key psychological level of 175.00.
On the downside, the primary support level is situated around the nine-day Exponential Moving Average (EMA) at 173.52. This is followed by the lower boundary of the rising wedge near 173.50. If the latter is breached, it could exert downward pressure on the EUR/JPY cross, potentially leading it towards the psychological level of 170.00.
Further downward movement may intensify selling pressure on the EUR/JPY cross, causing it to explore the region near the throwback support at 167.60.
Looking at the daily chart, it is evident that the Euro (EUR) has shown strength against the New Zealand Dollar today. The table above displays the percentage change of the Euro against various major currencies, with Euro exhibiting the most strength against the New Zealand Dollar.
The heat map provides a visual representation of the percentage changes of major currencies against each other. By referring to the table and the heat map, investors can gain valuable insights into the performance of the Euro against other currencies in the market.
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