EUR/JPY Eyes May High After Defending June Opening Range

EUR/JPY trades to a fresh monthly high (151.25) after defending the opening range for June, and the exchange rate may attempt to test the May high (151.62) as it appears to be tracking the positive slope in the 50-Day SMA (148.21).

EUR/JPY Rate Outlook

EUR/JPY continues to hold above the moving average amid the failed attempt to clear the monthly low (148.63), and the exchange rate may stage another run at the March 2008 low (151.69) as it holds above the 149.50 (23.6% Fibonacci extension) to 149.60 (100% Fibonacci extension) area.

A break/close above 151.60 (38.2% Fibonacci extension) opens up the 153.30 (50% Fibonacci extension) region, with the next area of interest coming in around 154.90 (61.8% Fibonacci extension).

Nevertheless, failure to climb above the March 2008 low (151.69) may keep EUR/JPY within the May range, with a move below the 149.50 (23.6% Fibonacci extension) to 149.60 (100% Fibonacci extension) area bringing 148.30 (23.6% Fibonacci retracement) back on the radar.