EUR/JPY Price Analysis: Rally appears unabated so far

EUR/JPY extends the upside bias beyond 162.00.
The continuation of the uptrend appears likely near term.

Pablo Piovano FXStreet

EUR/JPY advances further north of the 162.00 barrier and clocks a new 2023 peak at 162.75 on Tuesday.

Further upside appears well on the cards for the cross in the short-term horizon. Against that, the surpass of the 2023 high of 162.75 (November 14) is expected to face the next significant resistance level not before the 2008 top of 169.96 (July 23).

In the meantime, the daily RSI flirts with the overbought region near the 70 yardstick, which somehow opens the door to a potential corrective move in the not-so-far horizon.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 152.34.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	162.65
Today Daily Change	55
Today Daily Change %	0.25
Today daily open	162.25

Trends
Daily SMA20	159.74
Daily SMA50	158.47
Daily SMA100	157.78
Daily SMA200	152.27

Levels
Previous Daily High	162.37
Previous Daily Low	161.54
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	162.05
Daily Fibonacci 61.8%	161.85
Daily Pivot Point S1	161.73
Daily Pivot Point S2	161.22
Daily Pivot Point S3	160.9
Daily Pivot Point R1	162.56
Daily Pivot Point R2	162.88
Daily Pivot Point R3	163.39

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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