EUR/JPY Price Analysis: The bullish outlook remains intact above the 163.00 mark

EUR/JPY trades on a softer note around 163.05 in Wednesday’s early European session.
The positive outlook of the cross remains intact above the key EMA; RSI indicator supports the bullish momentum.
The immediate resistance level is seen at 163.21; the key support level is located at the 162.60–162.70 zone.

Lallalit Srijandorn FXStreet

The EUR/JPY cross finds support above the 163.00 psychological figure during the early European trading hours on Wednesday. The upbeat Japanese inflation data for January surprised the upside and sparked speculation that the Bank of Japan (BoJ) will exit negative interest rates by June this year. This, in turn, lifts the Japanese Yen (JPY) and weighs on the EUR/JPY cross. The cross currently trades near 163.05, down 0.09% on the day.

Technically, EUR/JPY maintains the bullish bias unchanged as the cross holds above the 50- and 100-period Exponential Moving Averages (EMA) on the four-hour chart. The upward momentum is supported by the Relative Strength Index (RSI), which lies above the 50-midline, indicating the path of least resistance is to the upside.

A high of February at 163.21 acts as an immediate resistance level for EUR/JPY. Further north, the upper boundary of the Bollinger Band at 163.60 will be the next upside barrier. A bullish breakout above this level will pave the way to a psychological mark at 164.00.

On the flip side, the crucial support level will emerge at the 162.60–162.70 region, portraying the confluence of the lower limit of the Bollinger Band and the 50-period EMA. The additional downside filter to watch is the 100-period EMA at 161.90. The next contention level is seen at a low of February 15 at 160.91, followed by a low of February 12 at 160.38.

EUR/JPY four-hour chart

EUR/JPY

Overview
Today last price	163.06
Today Daily Change	-0.15
Today Daily Change %	-0.09
Today daily open	163.21

Trends
Daily SMA20	161.24
Daily SMA50	159.68
Daily SMA100	159.69
Daily SMA200	157.83

Levels
Previous Daily High	163.56
Previous Daily Low	162.89
Previous Weekly High	163.47
Previous Weekly Low	161.48
Previous Monthly High	161.87
Previous Monthly Low	155.07
Daily Fibonacci 38.2%	163.15
Daily Fibonacci 61.8%	163.3
Daily Pivot Point S1	162.88
Daily Pivot Point S2	162.55
Daily Pivot Point S3	162.21
Daily Pivot Point R1	163.55
Daily Pivot Point R2	163.89
Daily Pivot Point R3	164.22

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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