EUR/JPY Price Analysis: Extends its upside, the next hurdle is seen at 169.40

Source Fxstreet
May 17, 2024 06:35
  • EUR/JPY gains momentum near 169.20 in Friday’s early European session. 
  • The cross keeps the bullish vibe unchanged above the key EMA, with the RSI indicator standing above the 50-midline.
  • The first upside barrier is seen at 169.40; 167.80 acts as an initial support level. 

The EUR/JPY cross extends the rally around 169.20 during the early European trading hours on Friday. The Japanese Yen (JPY) has weakened as Japan's economy contracted more than expected in the first quarter (Q1) of 2024, challenging the Bank of Japan's (BoJ) push to get interest rates further away from near zero. On Friday, the BoJ left the amount of bonds it buys at regular operations unchanged, adding to a modest dip in the JPY after helping the currency earlier in the week with a surprise reduction in purchases, per Bloomberg. 

Technically, EUR/JPY maintains the bullish outlook unchanged as the cross holds above the 100-period Exponential Moving Averages (EMA) on the four-hour chart. The upward momentum is backed by the Relative Strength Index (RSI), which stands in bullish territory near 62.60, supporting the buyers for the time being.  

The immediate resistance level for the cross will emerge near a high of May 15 at 169.40. The additional upside filter to watch is the 170.00 psychological round figure. A decisive break above the latter will see a rally to the next barrier around a high of April 29 at 171.60. 

On the flip side, the first downside target is seen at the 100-period EMA at 167.80. Further south, the next contention level is located near a low of May 16 at 167.33, followed by a low of April 29 at 165.66. 

EUR/JPY four-hour chart

EUR/JPY

Overview
Today last price 169.27
Today Daily Change 0.41
Today Daily Change % 0.24
Today daily open 168.86
 
Trends
Daily SMA20 166.95
Daily SMA50 164.87
Daily SMA100 162.68
Daily SMA200 160.71
 
Levels
Previous Daily High 168.91
Previous Daily Low 167.33
Previous Weekly High 167.97
Previous Weekly Low 164.48
Previous Monthly High 171.6
Previous Monthly Low 162.28
Daily Fibonacci 38.2% 168.31
Daily Fibonacci 61.8% 167.93
Daily Pivot Point S1 167.82
Daily Pivot Point S2 166.79
Daily Pivot Point S3 166.24
Daily Pivot Point R1 169.4
Daily Pivot Point R2 169.95
Daily Pivot Point R3 170.98

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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