EUR/JPY Price Analysis: Gains momentum after Fed minutes release, traders eye 163.00

• EUR/JPY ascends to 162.47, marking a continuous rise influenced by recent Fed monetary policy insights.
• Technical analysis points to key resistance levels, with 163.00 and 163.72 as immediate targets.
• Potential pullback could see support tests at 161.48 and 160.91, depending on market dynamics.

The Euro extended its gains for the second straight day against the Japanese Yen and is up by 0.22% as the EUR/JPY trades at 162.47 late during the North American session.

The release of the latest Federal Reserve (Fed) minutes sponsored a leg-up in the EUR/JPY as the EUR/USD edged slightly up. From a technical standpoint, the pair is trading at year-to-date (YTD) highs, aiming to extend its gains. The first resistance would be the 163.00 figure, followed by the November 27 high at 163.72. A further upside is seen at 164.00, followed by last year’s high at 164.31.

On the flip side, if the pair drops below 162.00, that would pave the way to test the Tenkan-Sen at 161.48 before slumping toward the Senkou Span A at 160.91.

EUR/JPY Price Action – Daily Chart