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.

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