- EUR/JPY is expected to face initial resistance around the pullback level near 164.50.
- The 14-day RSI staying above 50 supports a continued bullish outlook.
- The first level of support appears at the nine-day EMA of 162.20, with the 50-day EMA acting as further support at 161.34.
EUR/JPY Extends Gains Amid Bullish Technical Outlook
EUR/JPY continues to climb for the third consecutive session, currently trading around 162.80 during the Asian session on Friday. The daily chart suggests the currency pair is consolidating within an ascending channel, reinforcing a positive outlook for further gains.
Technical Analysis
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RSI Momentum: The 14-day Relative Strength Index (RSI) remains above the 50 mark, confirming the ongoing bullish momentum.
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Short-term Indicators: EUR/JPY is trading above the nine-day Exponential Moving Average (EMA), which indicates strong short-term momentum and supports the continuation of the current uptrend.
Key Resistance Levels
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Initial Resistance: The first resistance level is observed around 164.50, which represents a key pullback resistance zone.
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Next Major Resistance: If the price surpasses the 164.50 level, the next significant resistance is near 166.69, a nine-month high last seen in October 2024.
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Potential Upside: A breakout above 166.69 could lead to further gains, potentially pushing EUR/JPY toward the upper boundary of the ascending channel around 169.00.
Key Support Levels
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Initial Support: The initial support is seen at the nine-day EMA around 162.20.
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Secondary Support: Additional support lies at the 50-day EMA at 161.34, which could hold the price above key levels if tested.
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Potential Downside: A break below these support levels could indicate a weakening of short- and medium-term momentum, with further declines potentially testing the lower boundary of the ascending channel near 160.50.
Further Declines and Key Levels to Watch
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Lower Bound Testing: A further downside move could drive EUR/JPY toward the two-month low of 155.59, seen on March 4, with additional support at 154.41, which is the lowest level since December 2023.
EUR/JPY: Daily Chart
EUR PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.52% | 0.41% | 0.73% | 0.14% | 0.02% | 0.22% | 0.63% | |
| EUR | -0.52% | -0.12% | 0.23% | -0.40% | -0.50% | -0.29% | 0.10% | |
| GBP | -0.41% | 0.12% | 0.34% | -0.27% | -0.38% | -0.19% | 0.18% | |
| JPY | -0.73% | -0.23% | -0.34% | -0.59% | -0.73% | -0.55% | -0.16% | |
| CAD | -0.14% | 0.40% | 0.27% | 0.59% | -0.21% | 0.07% | 0.46% | |
| AUD | -0.02% | 0.50% | 0.38% | 0.73% | 0.21% | 0.21% | 0.58% | |
| NZD | -0.22% | 0.29% | 0.19% | 0.55% | -0.07% | -0.21% | 0.37% | |
| CHF | -0.63% | -0.10% | -0.18% | 0.16% | -0.46% | -0.58% | -0.37% |
