EUR/JPY Price Analysis: Rallies for seventh straight day as bulls target 170.00
- 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
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.