EUR/JPY comes off multi-decade high
EUR/JPY is seen coming off its ¥178.82 over 50-year high (euro equivalent) and probes its accelerated uptrend line at ¥177.38.
Since negative divergence on the daily Relative Strength Index (RSI) accompanied last week’s high, the odds favour at least a minor retracement.
A slip through the accelerated uptrend line at ¥177.38 would likely engage the 29 October low at ¥176.64. Failure there on a daily chart closing basis may lead to a more significant top forming with the ¥175.00 region back in sight.
Resistance may be found around the ¥177.93-to-¥178.23 9-to-27 October highs, ahead of last week’s ¥178.82 peak. A rise above it would probably lead to the ¥180.00 region being in focus.