EURJPY rises to new record highs

EURJPY continued to trade above 171 mark on Wednesday, hitting new record high, driven by yen’s fresh weakness across the board.

The pair is moving within a steep upleg which extends into eighth consecutive day and is on track to register the sixth straight monthly gain, in a rally from Dec / Jan higher base.

Bulls so far ignore overbought daily studies and intervention warnings and hit initial target at 171.68, ahead of 172.00 (round figure) and Fibo projections at 172.17/57 (138.2% and 150% respectively).

However, some price adjustment should be anticipated in coming sessions, with shallow dips to ideally find ground above broken 170 pivot (psychological / 10DMA) and offer better buying opportunities.

Caution about potential intervention, which may slash the price.

Res: 172.00; 172.17; 172.57; 173.00
Sup: 171.44; 171.00; 170.85; 170.00