EUR/JPY bulls are eagerly anticipating a break above the key resistance level of 166.00, as the 200-day Simple Moving Average (SMA) breakout looms. The Japanese Yen (JPY) is showing notable weakness, adding to the bullish sentiment for the pair.
The EUR/JPY pair has been hovering near the 166.00 level, with buyers waiting for a decisive move above this key resistance point. A breakout above this level could signal further upside potential for the pair.
Adding to the bullish outlook is the 200-day SMA, which is also in play. A breakout above this long-term moving average could further strengthen the bullish momentum for EUR/JPY.
The weakness in the Japanese Yen is also playing a significant role in supporting the bullish sentiment for the pair. The JPY’s weakness is making the EUR/JPY pair more attractive to buyers, further fueling the potential for a move beyond 166.00.
Overall, EUR/JPY bulls are optimistic about the pair’s prospects, with the potential for a breakout above 166.00 and the 200-day SMA adding to the positive outlook. The notable weakness in the JPY is also contributing to the bullish sentiment for the pair.