EUR/JPY edges up 0.44%, extending its winning streak to seven days amid positive market sentiment. Technical outlook remains bullish; RSI nears overbought territory, indicating strong upward momentum. Watch resistance at April’s 26 high of 169.39, 170.00, and YTD high at 171.58. Key support levels at 169.00, 166.93/81, and 165.90. Market sentiment remains upbeat; hence, the EUR/JPY trades with gains of 0.44%, at 169.27 at the time of writing.
Once surpassed, sellers' next line of defense would be the 170.00 figure, followed by the year-to-date high at 171.58. Conversely, if EUR/JPY retreats and dives below 169.00, that could exert downward pressure on the cross. The first support level would be the confluence of the Kijun-Sen and the Senkou Span A at around 166.93/81, followed by the Tenkan-Sen at 166.68. A breach of the latter will expose the Senkou Span B at 165.90.
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Source: FXStreetNews - 🏆 14. / 72 Read more »