EUR/JPY Surges Above 164.00, Bulls Target YTD High

The Euro (EUR) registered substantial gains against the Japanese Yen (JPY) on Wednesday, fueled by improving risk sentiment and the Bank of Japan’s (BoJ) continued

The Euro (EUR) registered substantial gains against the Japanese Yen (JPY) on Wednesday, fueled by improving risk sentiment and the Bank of Japan’s (BoJ) continued dovish stance, even in a rising interest rate environment. Currently, EUR/JPY trades at 164.25, demonstrating a strong 0.67% increase.

Renewed Bullish Momentum

Bullish momentum lifted EUR/JPY above the Tenkan-Sen at 163.71, clearing the path towards reclaiming the 164.00 mark. This resurgence suggests buyers are gaining strength, potentially setting the stage for a challenge of the 165.00 level. A decisive break above 165.00 could expose the year-to-date (YTD) high of 165.34.

Bearish Scenario

Conversely, sellers would need to push prices back below 164.00 to target the newly established Tenkan-Sen support at 163.71. A further break would bring the Senkou Span A at 163.25 into focus, followed by the Kijun-Sen level at 162.78.

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