Sat, Jun 10, 2023 @ 05:08 GMT

EUR/JPY Seeks Support

The Japanese yen strengthened after August’s CPI beat expectations. The pair is looking to consolidate its recent gains after rising through June’s highs at 144.20. A bearish RSI divergence suggested a deceleration in the momentum, then a break below 142.70 triggered some profit-taking. However, from the daily chart’s perspective, the directional bias remains up. 141.40 at the origin of this month’s bullish breakout coincides with the 20-day moving average, making it a congestion area. A close above 144.50 could resume the rally.

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