EUR/JPY breaks 2024 highs, momentum accelerates – Société Générale

EUR/JPY has surged past its 2024 and September highs, confirming renewed bullish momentum. A short-term pullback toward 175.00/174.70 could attract buyers, keeping the broader uptrend intact with upside targets at 177.60 and 178.80, Société Générale's FX analysts note.

Strong uptrend extends as EUR/JPY gaps higher

"EUR/JPY has surpassed both the 2024 high and the September peak, opening with a significant upward gap. This underscores a strong resurgence in upward momentum. Should a brief pullback occur, the gap area around 175.00/174.70 is expected to offer initial short-term support."

"If the pair maintains above this zone, the uptrend is likely to continue. The next potential objectives are located at projections of 177.60 and 178.80."