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Latest EUR JPY Analysis and Forecasts

Bullish Turn on EURJPY

Hello traders,

EURJPY looks to have completed an A-B-C correction at the 122.36 level, as price started recovering, and breaking above the 124.42 bullish level.

We labelled an Elliott wave leading diagonal underway in wave A)/1), because of price characteristics: a 5-3-5-3-5 pattern, where legs 1 and 4 overlap each other. That said, price is now at 124.7 level, however we would not be surprised by a turn into a corrective move for a wave B)/2), which could look for support at the 124.8 level, also level of a former wave 4, before a new recovery into a wave C)/3).


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Other major currency pairs

BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
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EUR/JPY – Live and Historical Rates

The EUR/JPY is a pair made up of two major currencies. Interestingly, when paired up like this, they don’t make a major or a commodity pair. The chart above depicts the amount of Japanese Yen needed to purchase a Euro.


The EUR is the common currency of 21 countries, which together make up the world’s largest economy, the Eurozone. Introduced in 1999, the Euro has thus far proved to be a success. 327 million people use it, and more are compelled to join by treaty, although enthusiasm for eurozone membership has somewhat subsided since the vulnerabilities of the common currency were laid bare by the 2008 financial crisis. In need of structural reform, the Eurozone and its currency, the EUR are facing an uncertain future. With all that uncertainty though, the EUR is still the world’s second most traded currency as well as its second largest reserve currency.


The status of the Japanese Yen as a reserve currency is also quite respectable: it is the 5th largest currency in this regard, and it is among the top traded currencies as well. The financial authority controlling the JPY is the Bank of Japan, which has kept the JPY interest rate low in the post-1990 era. This move has obviously contributed to the stability and strength of the JPY, while turning it into an attractive carry-trade option.

EURJPY Analysis

The largest common trading partner of the Eurozone and Japan is the US. Thus, it’s safe to say that the state of the US economy is always a major factor in the shaping of this pair. As far as economic engines are concerned: Japan is more dependent on manufacturing, while the finance sector makes up a larger part of the economy of the Eurozone.

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