EUR/JPY attracts some buyers around 169.50 in Monday’s early European session.
The positive outlook of the cross remains intact above the key EMA, with a bullish RSI indicator.
The first upside target will emerge at 169.82; the initial support level is seen at 168.78.
The EUR/JPY cross gains traction near 169.50 during the early European trading hours on Monday. The weakened Japanese Yen (JPY) is driven by the weaker-than-expected Japan GDP growth numbers for Q1, challenging the Bank of Japan's (BoJ) push to get interest rates further away from near zero.
EUR/JPY keeps the bullish vibe unchanged as the cross holds above the 100-period Exponential Moving Averages (EMA) on the four-hour chart. Furthermore, the path of least resistance level for the cross is to the upside, with the Relative Strength Index (RSI) standing in bullish territory near 64.50.
The first upside barrier for EUR/JPY will emerge near the upper boundary of the Bollinger Band at 169.82. The next hurdle is seen at the 170.00 psychological round mark. A break above the latter will expose an all-time high of 171.60, en route to the 172.00 level
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.