EUR/JPY
The EUR/JPY pair has swiftly retreated from Wednesday’s high of ¥162.89, dipping to ¥159.75, where it has found temporary support. As long as this support level holds, a rebound towards the 55-day simple moving average (SMA) at ¥162.12 remains a likely scenario. A sustained break above ¥162.89 would open the door for a potential move toward the ¥164.00 region.
However, a dip below ¥159.75 would bring the September low at ¥158.11 into focus. While ¥159.75 remains intact on a daily closing basis, the medium-term uptrend for EUR/JPY remains intact.
USD/JPY
USD/JPY has pulled back from its six-month high at ¥158.88, sliding to ¥155.22. If this level holds firm, a retest of the ¥158.00 region—and eventually the ¥160.00 mark—remains possible. However, a break below ¥155.22 would likely see the pair test the 55-day SMA at ¥154.59, signaling further downside risk.
AUD/USD
AUD/USD saw a sharp drop to $0.6132, briefly breaking below the October 2022 low of $0.6171, but has since entered a recovery phase. The pair is currently attempting to break through the downtrend line from September to January, which lies around $0.6235. A sustained drop below the $0.6132 low would target the October 2008 low at $0.6009.
For a bullish reversal to gain momentum, the pair would need to rise above the January 6 high at $0.6302, marking a key resistance level to watch for further upside potential.
Summary:
For EUR/JPY, ¥159.75 is a critical support level, with a potential rise toward ¥162.12 if it holds. USD/JPY faces key resistance near ¥158.88, and AUD/USD is looking for a breakout above $0.6235 to signal a potential recovery. Traders should monitor these levels closely for possible breakout or breakdown scenarios.
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