The post Bullish outlook remains in place near 172.00, overbought RSI condition eyed appeared on BitcoinEthereumNews.com.

EUR/JPY declines to around 172.05 in Monday’s early European session, down 0.15% on the day.  The positive bias of the cross prevails above the 100-day EMA, but the overbought RSI condition might cap its upside.  The immediate resistance level emerges in the 172.95-173.00 zone; the first downside target to watch is 170.81. The EUR/JPY cross loses ground to near 172.05 during the early European session on Monday. The Euro (EUR) weakens against the Japanese Yen (JPY) after US President Donald Trump said on Saturday that the United States (US) will impose a 30% tariff on goods from the European Union (EU), starting on August 1. Technically, the constructive outlook of EUR/JPY remains in place as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the 14-day Relative Strength Index (RSI) stands above the midline near 70.80, indicating the overbought RSI condition. This suggests that further consolidation or temporary sell-off cannot be ruled out before positioning for any near-term EUR/JPY appreciation. The first upside barrier for the cross emerges in the 172.95-173.00 zone, representing the upper boundary of the Bollinger Band and the psychological mark. Extended gains could see a rally to 174.52, the high of July 3, 2024. The additional upside filter to watch is 175.43,  the high of July 11, 2024.  On the flip side, the initial support level for EUR/JPY is located at 170.81, the low of July 11. Sustained trading below the mentioned level could see a drop to 170.00, a round figure. The next downside target is seen at 169.04, the low of July 2.  EUR/JPY daily chart Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted…

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Filed under: News - @ July 14, 2025 9:28 am