EUR/JPY Price Analysis: The key resistance level is located near 170.00

EUR/JPY trades on a stronger note near 169.75 in Thursday’s early European session, gaining 0.22% on the day.
The cross maintains a positive stance above the key 100-period EMA, with a bullish RSI indicator.
The first upside barrier is seen at the 170.00 psychological mark; the initial support level is seen at 169.32.

Lallalit Srijandorn FXStreet

The EUR/JPY cross gathers strength around 169.75 during the early European session on Thursday. The uncertainty that the Bank of Japan (BoJ) will announce a reduction in monthly government bond purchases amid a weaker economy continues to undermine the Japanese Yen (JPY) and create a tailwind for EUR/JPY. Market players await the Bank of Japan (BoJ) monetary policy meeting on Friday, which is widely expected to leave interest rates unchanged.

According to the 4-hour chart, EUR/JPY keeps the bullish vibe unchanged as the cross is above the key 100-period Exponential Moving Averages (EMA). The upward momentum is supported by the Relative Strength Index (RSI), which stands in bullish territory near 58.0, supporting the buyers for the time being.

A decisive break above 169.75, the upper boundary of Bollinger Band, will attract some buyers to the 170.00 psychological level. Further north, the additional upside filter to watch is 170.85, a high of June 3, en route to an all-time high of 171.60.

On the downside, the initial support level is located at 169.32, the 100-period EMA. A breach of the mentioned level could pave the way to 168.75, a low of June 12. Extended losses will see a drop to 168.40, the lower limit of Bollinger Band.

EUR/JPY 4-hour chart

EUR/JPY

Overview
Today last price	169.74
Today Daily Change	0.34
Today Daily Change %	0.20
Today daily open	169.4

Trends
Daily SMA20	169.65
Daily SMA50	167.42
Daily SMA100	164.72
Daily SMA200	161.78

Levels
Previous Daily High	169.59
Previous Daily Low	168.66
Previous Weekly High	170.89
Previous Weekly Low	168.01
Previous Monthly High	170.8
Previous Monthly Low	164.02
Daily Fibonacci 38.2%	169.23
Daily Fibonacci 61.8%	169.02
Daily Pivot Point S1	168.85
Daily Pivot Point S2	168.29
Daily Pivot Point S3	167.92
Daily Pivot Point R1	169.77
Daily Pivot Point R2	170.14
Daily Pivot Point R3	170.7

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.

EUR/USD rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.