The first upside barrier emerges near 164.00
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EUR/JPY trades on a softer note near 163.55 in Friday’s early Asian session. The cross resumes its uptrend above the 100-period EMA with a bullish RSI indicator. The immediate resistance level emerges at 164.00; the 163.10-163.00 region acts as an initial support level. The EUR/JPY cross trades weaker around 163.55, snapping the four-day winning streak on Friday during the early European session. The Japanese Yen (JPY) edges higher after recent Japan’s second-quarter Gross Domestic Product (GDP) came in stronger than estimated, growing by 0.8% QoQ in Q2. The encouraging GDP growth numbers lend support to the chance of a near-term interest rate hike by the Bank of Japan (BoJ). The cross resumes its uptrend on the 4-hour chart, with the price holding above key 100-period Exponential Moving Averages (EMA). The Relative Strength Index (RSI) stands above the midline near 68.50, indicating that bearish vibes are present. The potential upside barrier for EUR/JPY emerges at the 164.00 psychological mark. A sustained break above this level keeps an eye out for a continuation of the climb back to the 164.89, a low of July 25. Extended gains will see a rally to 166.56, a high of July 31. On the flip side, the 163.10-163.00 zone acts as an initial support level for the cross. The additional downside filter to watch is 161.95, a low of August 15. The next contention level is seen at 160.59, a low of August 14. EUR/JPY 4-hour chart Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s mandates…
Filed under: News - @ August 16, 2024 7:20 am