EUR/JPY Forecast: Euro Aims for 174.00 Against Weak Yen
The euro (EUR) is moving higher against the Japanese yen (JPY), trading close to 172.40 on Monday morning in Europe. The market mood is positive, which is giving support to the euro.
Looking at the charts, EUR/JPY still shows a strong upward trend. The price is staying above the 100-day moving average, which means buyers are in control. The RSI, an indicator that shows strength, is at 55.8 — above the 50 level. This also points to more buying interest.
For resistance, the first barrier is around 173.15. If the price breaks this level, it could climb further toward 173.90–174.00. This area is important because it matches the high seen in late July and the round number level of 174.00.
On the other side, if the price falls, the first support is near 171.12, which was last week’s low. A move below this could take the pair toward 170.45. If pressure continues, the next big support is the psychological level of 170.00.
Impact:
EUR/JPY could move higher toward 174.00 if risk sentiment stays positive. But if markets turn cautious or the yen gets stronger, the pair might face pressure.