EUR/JPY remains capped below the 164.00 mark, further upside looks favorable

EUR/JPY snaps its four-day winning streak below 164.00 on Thursday.
The pair holds above the 50- and 100-hour EMA; the RSI indicator stands in bullish territory above 50.
The immediate resistance level is seen at 164.22; 163.07 acts as an initial support level for the cross.

Lallalit Srijandorn FXStreet

The EUR/JPY cross trades with modest intraday losses during the Asian session on Thursday. However, the divergence in the monetary policy between the European Central Bank (ECB) and the Bank of Japan (BoJ) still exerts some pressure on the Japanese Yen (JPY) and lends support to the EUR/JPY cross. EUR/JPY currently trades around 163.93, down 0.15% for the day.

From a technical perspective, EUR/JPY holds above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope on the four-hour chart, which supports the buyers for the time being. It’s worth noting that the Relative Strength Index (RSI) is located in the bullish territory above 50, indicating that further upside looks favorable.

The immediate resistance level for the cross is seen at the year-to-date (YTD) high of 164.22. Further north, the cross will see the next barrier near the psychological round mark at 165.00, followed by 165.50.

On the flip side, a low of November 15 at 163.07 acts as an initial support level for EUR/JPY. The additional downside filter to watch is the 50-hour EMA at 162.15. The critical contention level is located at the lower limit of the Bollinger Band at 161.52. A breach of the latter will see a drop to the 100-hour EMA at 161.05.

EUR/JPY four-hour chart

EUR/JPY

Overview
Today last price	163.96
Today Daily Change	-0.22
Today Daily Change %	-0.13
Today daily open	164.18

Trends
Daily SMA20	160.3
Daily SMA50	158.69
Daily SMA100	157.9
Daily SMA200	152.5

Levels
Previous Daily High	164.2
Previous Daily Low	163.07
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	163.77
Daily Fibonacci 61.8%	163.5
Daily Pivot Point S1	163.43
Daily Pivot Point S2	162.69
Daily Pivot Point S3	162.3
Daily Pivot Point R1	164.57
Daily Pivot Point R2	164.95
Daily Pivot Point R3	165.7

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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