FX.co ★ EUR/JPY: upside continuation expected

EUR/JPY 163.50 As Next Target!

The EUR/JPY pair registered a strong growth in the short term and now is located at 163.10 at the time of writing. As you can see on the H1 chart, the rate escaped from the down channel signaling that the downside movement ended and that we may have an upside reversal.

Personally, I've drawn an uptrend line which represents a downside obstacle. As long as it stays above it, the rate could extend its growth. The former high of 163.50 is as the next upside target.

EUR/JPY Forecast!

Jumping and stabilizing above 163.50 activates further growth and is seen as a buying opportunity.