- EUR/JPY climbs nearing the pivotal 169.00 mark, propelled by strong risk appetite and market gains.
- Technical analysis shows a robust uptrend, though an RSI of 76.00 signals overbought conditions.
- If the pair surpasses 169.00, it faces resistance at the July 2008 high of 169.97, closely followed by the key 170.00 level.
- A drop below 169.00 could lead to a pullback to 168.00, further potential supports at the Tenkan-Sen at 166.20 and the Kijun-Sen at 165.84.
The EUR/JPY rallies toward the 169.00 figure yet remains shy of breaching it as risk appetite improves, as Wall Street depicts. At the time of writing, the cross-pair trades at 168.89 and is up by 1.12%.
EUR/JPY Price Analysis: Technical outlook
The daily chart depicts the EUR/JPY as upward biased, even though the rally has overextended. The Relative Strength Index (RSI) is at 76.00, usually seen as overbought, but due to the strength of the uptrend, the 80.00 level is seen as the most extreme condition.
If buyers reclaim the 169.00, the next supply zone would be the July 2008 high of 169.97. Once those two levels are cleared, the next supply zone would be 170.00.
On the flip side, a daily close below 169.00, would pave the way for a retracement to 168.00. Subsequent losses are seen below the Tenkan-Sen at 166.20, followed by the Kijun-Sen at165.84
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.
Recommended content
Editors’ Picks
GBP/USD stays firm above 1.2750 after a landslide Labour victory
GBP/USD keeps its range above 1.2750 in early European session on Friday. The Pound Sterling stays unperturbed by the landslide Labour Party victory in the UK general election while the US Dollar awaits the Nonfarm Payrolls data for fresh directives.
EUR/USD moves above 1.0800; next barrier at upper boundary of the channel
EUR/USD continues its winning streak for the seventh successive day, trading around 1.0820 during the Asian hours on Friday. A technical analysis of the daily chart indicates a bullish bias, with the pair oscillating within an ascending channel.
Gold could retest June highs at $2,390 on US NFP disappointment
Gold price is consolidating near two-week highs of $2,365 reached on Wednesday, as the US Dollar continues to lick its wounds, shrugging off a minor bounce in the US Treasury bond yields. Gold price braces for the return of US traders from the July 4 holiday and the all-important Nonfarm Payrolls data for fresh impulse.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin falls below $56,000 level
BTC breached the weekly support level of $58,375 on Thursday; as of Friday, it is trading 2.8% lower at $55,314. ETH and XRP have dropped below crucial support thresholds.
Nonfarm Payrolls forecast to grow by 190K in June as Fed ponders rate-cut timing
With US Federal Reserve Chairman Jerome Powell’s Sintra appearance out of the way, all eyes now remain on top-tier Nonfarm Payrolls data for June, due on Friday at 12:30 GMT.