DailyBubble News
DailyBubble News

The first upside barrier will emerge at 167.20

EUR/JPY is showing positive momentum near 166.65 in the early European session on Wednesday. The cross has been on an uptrend, with the key Exponential Moving Average (EMA) indicating further upside potential. The Relative Strength Index (RSI) is in bullish territory, suggesting a favorable outlook for the pair.

The Bank of Japan Governor Kazuo Ueda mentioned the possibility of monetary policy action if the yen’s movements impact inflation significantly. Japanese Finance Minister Shunichi Suzuki expressed concern over rapid foreign exchange movements, without confirming any agreement on FX intervention with the US.

In terms of technical analysis, EUR/JPY faces an immediate resistance at 167.20, followed by hurdles at 168.00, 168.61, and a yearly high of 168.95. On the downside, the 100-period EMA at 165.90 serves as initial support, with potential drops to 165.50 and 164.08 if this level is breached.

The four-hour chart for EUR/JPY illustrates the current trend, with indicators pointing towards further upside potential.

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