EUR/JPY Surges to 16-Year High, Eyes 167.00 on USD Strength

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The Euro surges to a near 16-year high against the Japanese Yen, reaching levels unseen since August 2008. This rally mirrors the recent strength in USD/JPY, driven by strong US economic data. EUR/JPY currently trades at 166.67, showing significant gains for the day.

Key Factors:

  • US Data Boost: Robust US economic releases fuel USD strength, indirectly propelling the EUR/JPY pair higher as the Japanese Yen lags behind in the FX space.
  • Bullish Bias: EUR/JPY maintains a pronounced bullish trend following the breakout above the March 20 high (165.33), setting the stage for further gains.

Technical Analysis: Eyes Next Target at 167.00

  • Bullish Outlook: The upward momentum remains strong, reflected in the Relative Strength Index (RSI) nearing overbought conditions.
  • Immediate Target: Buyers focus on conquering the 167.00 mark, which could unlock a further rally towards the August 2008 monthly high at 169.47 and ultimately the psychological 170.00 barrier.
  • Potential Retracement: A pullback below the April 24 daily high (166.22) could open the door for a slide towards the March 20 high (165.33), with further support lying at the confluence of the Tenkan and Kijun-Sen (164.83/64).

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