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EUR/JPY Price Analysis: Extends its upside, the next hurdle is seen at 169.40

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EURJPY News

Crosses,Technical Analysis

The EUR/JPY cross extends the rally around 169.20 during the early European trading hours on Friday.

EUR/JPY gains momentum near 169.20 inFriday’searly European session. The cross keeps the bullish vibeunchangedabove the key EMA, with the RSI indicator standing above the 50-midline. The first upside barrierisseenat169.40; 167.80 acts as an initial support level. The EUR/JPY cross extends the rally around 169.20 duringtheearly European trading hourson Friday.

The immediate resistance level for the cross will emerge near a high of May 15 at 169.40. The additional upside filter to watch is the 170.00 psychological round figure. A decisive break above the latter will see a rally to the next barrier around a high of April 29 at 171.60. On the flip side, the first downside targetis seenat the 100-period EMA at 167.80. Further south, the next contention level is located near a low of May 16 at 167.33, followed by a low of April 29 at 165.66.

 

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