EUR/JPY Price Analysis: Euro consolidates near 164.00 as trend remains upward
- EUR/JPY trades near the 164.00 zone after a modest pullback ahead of the Asian session.
- Overall bias stays bullish, with trend indicators aligned to the upside.
- Support levels hold below while short-term indicators remain neutral.
The EUR/JPY pair edged slightly lower on Friday but continues to trade near the 164.00 zone as the market transitions into the Asian session. While price action eased from recent highs, the pair remains comfortably within the mid-range of the day’s movement. The pullback hasn’t altered the broader bullish outlook, which is supported by rising trend-based indicators across multiple timeframes.
Technically, EUR/JPY maintains its bullish stance. The Moving Average Convergence Divergence remains in buy mode, confirming ongoing upside momentum despite today’s dip. The Relative Strength Index hovers near 61, signaling neutral momentum with a slight bullish tilt. Both the Stochastic %K and Average Directional Index are also neutral, indicating no clear short-term exhaustion or emerging trend strength.
The bullish case is clearly backed by the trend indicators. The 10-day Exponential and Simple Moving Averages are rising beneath current price action, providing immediate support. Reinforcing the longer-term outlook, the 20-day, 100-day, and 200-day Simple Moving Averages are all positioned below and trending upward, suggesting underlying strength remains intact.
Support is found at 163.35, followed by 162.79 and 162.63. Resistance is now expected around the recent highs, with any break above likely extending the bullish leg further into the coming sessions.
Daily Chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
