EURJPY has been in a prolonged uptrend since the beginning of the year, posting a fresh 15-year peak of 159.75 on August 31. Although the pair experienced a pullback following its multi-year high, it managed to find its footing at the 50-day simple moving average (SMA) and recoup some losses.
The momentum indicators currently suggest that bullish forces are holding the upper hand. Specifically, the RSI is hovering above its 50-neutral mark, while the stochastic oscillator is set to post a bullish cross.
If the latest bounce extends, the bulls might initially attack the 15-year high of 159.75. Breaking above that zone, the pair could storm to fresh multi-year peaks, where the February 2008 high of 161.38 may curb further advances. Failing to halt there, the price might then ascend to challenge the April 2008 high of 164.97.
On the flipside, should the price reverse back lower, any declines could cease at the 157.04-156.85 range defined by the two latest support levels, while its upper end coincides with the 50-day SMA. A violation of that zone could trigger a retreat towards 153.31. Even lower, the July low of 151.39 may prove to be a tough hurdle for the price to overcome.
In brief, EURJPY regained traction following its unsuccessful test of the 50-day SMA. Can the latest recovery resume and enable the pair to revisit recent highs?
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