The EUR/JPY pair continued its winning streak for the seventh consecutive day, rising by 0.44% amid positive market sentiment. The technical outlook remains bullish, with the RSI nearing overbought territory, indicating strong upward momentum. Key resistance levels to watch include April’s high of 169.39, 170.00, and the year-to-date high at 171.58. On the downside, important support levels are at 169.00, 166.93/81, and 165.90.
During the North American session, the Euro extended its gains against the Japanese Yen, trading at 169.27 at the time of writing. The EUR/JPY pair remains in an upward trend, although concerns about potential intervention by Japanese authorities could limit further upside.
The Relative Strength Index suggests that momentum favors the uptrend, with the potential for overbought conditions. The first major resistance level is at 169.39, followed by 170.00 and 171.58. If the pair retraces below 169.00, it could face pressure, with support levels at 166.93/81, 166.68, and 165.90.
On the daily chart, the EUR/JPY price action shows a positive trend, with potential for further gains. Investors are advised to closely monitor key resistance and support levels to make informed trading decisions.