EUR/JPY Price Prediction: Bullish Momentum Above 166.50 Supports Uptrend

EUR/JPY Price Prediction: Bullish Scenario in Contention Above 166.50

EUR/JPY edged higher to around 166.80 during Wednesday’s early European trading session. The pair benefits from a softer Japanese Yen due to reduced expectations of a Bank of Japan (BoJ) rate hike.

Technical Analysis Supports Bullish Outlook

The pair remains firmly supported above the crucial 100-day Exponential Moving Average (EMA) on the daily chart. The Relative Strength Index (RSI) stands near 66.00, signaling sustained bullish momentum in the short term.

Key Levels to Watch

• Resistance: Immediate resistance is at 167.75, marking the upper Bollinger Band boundary. A decisive break here could extend gains towards 168.02, the high from July 26.
• Psychological Barrier: Beyond this, the significant round figure of 170.00 acts as a major target for bulls.
• Support: On the downside, 166.02 is the first critical support level.

Internal Linking Suggestions for Tredu.com:

• EUR/JPY Technical Analysis and Forecast
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• Forex Trading Strategies
• Understanding RSI and EMA Indicators