- The EUR/JPY rate is at 168.43, marking the second straight day of losses due to political uncertainty in France.
- Technical Outlook: Consolidation below 170.00 with potential for further losses if price falls below the 50-DMA at 167.47.
- Key Support Levels: Kumo Low at 165.92 and 100-DMA at 164.78, indicating an acceleration of the downtrend if it breaks.
The euro fell for a second straight day against the Japanese yen on political uncertainty. The French president’s approval ratings fell to their lowest level in five years ahead of the general election. The EUR/JPY rate is 168.43, down 0.08%.
EUR/JPY Price Analysis: Technical Outlook
After peaking around 170.00, EUR/JPY consolidated below this level but remains above the Ichimoku (Kumo) Cloud, which if breached would accelerate the downtrend.
The relative strength index (RSI) indicates that sellers are gaining momentum as it falls below the 50 line, suggesting that EUR/JPY may suffer further losses.
If EUR/JPY falls below the 50-day moving average (DMA) of 167.47, it could trigger a drop in kumo, signaling an acceleration in the downtrend. The next support will be the Kumo low at 165.92, followed by the 100-DMA at 164.78.
