The EUR/JPY pair continues its winning streak for the fourth straight session, reaching a new all-time high of 181.73 and is currently trading around 181.40 during the early European hours on Thursday. The currency pair is moving upward within an ascending channel pattern, indicating a persistent upward bias.
In addition, the 14-day RSI has moved above the 70 level, indicating overbought conditions and a possible downward correction in the near term. The EUR/JPY is indicating stronger short-term momentum, as it remains above the nine-day Exponential Moving Average (EMA).
On the upside, initial resistance lies at the psychological level of 182.00, followed by the upper limit of the ascending channel around 182.20. A break above this confluence area could strengthen the uptrend and lead the EUR/JPY to approach the crucial level at 183.00.
Initial support is located at the lower border of the ascending channel around 180.20, followed by the nine-day moving average at 179.85. Further declines below this confluence support area would weaken the bullish bias and put bearish pressure on EUR/JPY to move into the area around the 50-day EMA at 176.65.
From a macro perspective, the Japanese Yen struggles against its peers due to the possibility of Japanese Prime Minister Sanae Takaishi unveiling a stimulus package exceeding JPY 20 trillion.
The upside for EUR/JPY could be capped as the JPY may receive support on the emergence of hawkish sentiment surrounding the Bank of Japan (BoJ) policy outlook. A Reuters poll indicated that the Bank of Japan appears ready to raise interest rates to 0.75% from 0.50% at its meeting on December 18-19.
In addition, Bank of Japan Board Member Junko Koeda indicated that she believes the central bank should continue to raise interest rates and adjust the degree of monetary easing in line with improving economic activity and prices. Koeda stressed that current economic trends and prices call for further policy adjustment.
Euro price today
The table below shows the percentage change of the Euro (EUR) against the major currencies listed today. The euro was the strongest against the Japanese yen.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | 0.05% | -0.16% | 0.33% | -0.01% | -0.12% | -0.17% | 0.00% | |
| euro | -0.05% | -0.20% | 0.25% | -0.06% | -0.17% | -0.22% | -0.05% | |
| GBP | 0.16% | 0.20% | 0.47% | 0.14% | 0.03% | -0.02% | 0.16% | |
| JPY | -0.33% | -0.25% | -0.47% | -0.34% | -0.44% | -0.51% | -0.32% | |
| Canadian | 0.01% | 0.06% | -0.14% | 0.34% | -0.10% | -0.16% | 0.03% | |
| Australian dollar | 0.12% | 0.17% | -0.03% | 0.44% | 0.10% | -0.05% | 0.12% | |
| New Zealand dollar | 0.17% | 0.22% | 0.02% | 0.51% | 0.16% | 0.05% | 0.18% | |
| Swiss franc | -0.00% | 0.05% | -0.16% | 0.32% | -0.03% | -0.12% | -0.18% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select EUR from the left column and move along the horizontal line to USD, the percentage change displayed in the box will represent EUR (base)/USD (quote).
