EUR/JPY Price Analysis: The Key Resistance Level Is Located Near 170.00
The EUR/JPY cross gathers strength around 169.75 during the early European session on Thursday. The uncertainty that the Bank of Japan (BoJ) will announce a reduction in monthly government bond purchases amid a weaker economy continues to undermine the Japanese Yen (JPY) and create a tailwind for EUR/JPY. Market players await the Bank of Japan (BoJ) monetary policy meeting on Friday, which is widely expected to leave interest rates unchanged.
According to the 4-hour chart, EUR/JPY keeps the bullish vibe unchanged as the cross is above the key 100-period Exponential Moving Averages (EMA). The upward momentum is supported by the Relative Strength Index (RSI), which stands in bullish territory near 58.0, supporting the buyers for the time being.
A decisive break above 169.75, the upper boundary of Bollinger Band, will attract some buyers to the 170.00 psychological level. Further north, the additional upside filter to watch is 170.85, a high of June 3, en route to an all-time high of 171.60.
On the downside, the initial support level is located at 169.32, the 100-period EMA. A breach of the mentioned level could pave the way to 168.75, a low of June 12. Extended losses will see a drop to 168.40, the lower limit of Bollinger Band.
EUR/JPY 4-hour chart
(Click on image to enlarge)
EUR/JPY
| OVERVIEW | |
|---|---|
| Today last price | 169.74 |
| Today Daily Change | 0.34 |
| Today Daily Change % | 0.20 |
| Today daily open | 169.4 |
| TRENDS | |
|---|---|
| Daily SMA20 | 169.65 |
| Daily SMA50 | 167.42 |
| Daily SMA100 | 164.72 |
| Daily SMA200 | 161.78 |
| LEVELS | |
|---|---|
| Previous Daily High | 169.59 |
| Previous Daily Low | 168.66 |
| Previous Weekly High | 170.89 |
| Previous Weekly Low | 168.01 |
| Previous Monthly High | 170.8 |
| Previous Monthly Low | 164.02 |
| Daily Fibonacci 38.2% | 169.23 |
| Daily Fibonacci 61.8% | 169.02 |
| Daily Pivot Point S1 | 168.85 |
| Daily Pivot Point S2 | 168.29 |
| Daily Pivot Point S3 | 167.92 |
| Daily Pivot Point R1 | 169.77 |
| Daily Pivot Point R2 | 170.14 |
| Daily Pivot Point R3 | 170.7 |
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