EUR/JPY Price Analysis: Euro holds steady near 163.00 as bullish signals build
|- EUR/JPY trades around the 163.00 zone after a modest advance in Wednesday’s session.
- Broader bias remains bullish, supported by rising moving averages despite mixed momentum.
- Key support holds just below, while resistance is clustered near recent highs.
The EUR/JPY pair edged higher on Wednesday, trading around the 163.00 zone, reflecting a steady upward bias as the market heads into the Asian session. Despite mixed momentum signals, the broader technical outlook remains constructive, with the pair supported by a series of rising moving averages that reinforce the underlying bullish structure.
Technically, the EUR/JPY is flashing a bullish overall signal. The Relative Strength Index remains neutral near 52, indicating balanced momentum without immediate overbought or oversold conditions. The Moving Average Convergence Divergence, however, suggests a slight loss of momentum with a sell signal, while the Ultimate Oscillator and Williams Percent Range are also neutral, pointing to a temporary stalling in buying pressure.
The backbone of the bullish case lies in the alignment of key trend indicators. The 20-day, 100-day, and 200-day Simple Moving Averages are all positioned below the current price and maintain upward slopes, providing strong structural support. Similarly, the 30-day Exponential and Simple Moving Averages are trending higher, reinforcing the broader uptrend.
Support is found at 162.38, 162.37, and 162.34. Resistance is seen at 162.60, 162.64, and 162.71. A break above these levels could trigger further bullish momentum, while failure to hold support may lead to a short-term correction without significantly altering the broader trend.
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