- EUR/JPY edges up 0.44%, extending its winning streak to seven days amid positive market sentiment.
- Technical outlook remains bullish; RSI nears overbought territory, indicating strong upward momentum.
- Watch resistance at April’s 26 high of 169.39, 170.00, and YTD high at 171.58.
- Key support levels at 169.00, 166.93/81, and 165.90.
During the North American session, the Euro prolonged its gains versus the Japanese Yen in late trading. Market sentiment remains upbeat; hence, the EUR/JPY trades with gains of 0.44%, at 169.27 at the time of writing.
EUR/JPY Price Analysis: Technical outlook
From a technical perspective, the EUR/JPY remains upward biased, extending its gains for seven straight days, whereas fears that Japanese authorities could intervene in the Forex markets can limit the upside.
Momentum remains favoring the uptrend, as the Relative Strength Index is in bullish territory and about to become overbought. However, due to the strength of the uptrend, the most extreme level wouldn’t be 70, as most traders would use 80.
With that said, the first key resistance level would be the April 26 high at 169.39. Once surpassed, sellers’ next line of defense would be the 170.00 figure, followed by the year-to-date (YTD) high at 171.58.
Conversely, if EUR/JPY retreats and dives below 169.00, that could exert downward pressure on the cross. The first support level would be the confluence of the Kijun-Sen and the Senkou Span A at around 166.93/81, followed by the Tenkan-Sen at 166.68. A breach of the latter will expose the Senkou Span B at 165.90.
EUR/JPY Price Action – Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
