By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: EUR/JPY Price Analysis: Continues to Rise, Faces Resistance at 169.40
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > EUR/JPY Price Analysis: Continues to Rise, Faces Resistance at 169.40
Forex

EUR/JPY Price Analysis: Continues to Rise, Faces Resistance at 169.40

News Room
Last updated: 2024/05/17 at 6:40 AM
News Room
Share
3 Min Read
SHARE

The EUR/JPY cross is showing strong momentum around 169.20 in early European trading, with the Japanese Yen weakening due to Japan’s economic contraction in the first quarter of 2024. The Bank of Japan’s decision to keep the amount of bonds it buys unchanged has also contributed to the JPY’s modest decline after an earlier surprise reduction in purchases. Despite these factors, the EUR/JPY continues to maintain a bullish outlook above the 100-period Exponential Moving Averages on the four-hour chart. The Relative Strength Index (RSI) is also in bullish territory near 62.60, further supporting the buyers in the market.

In terms of technical levels, the first resistance for the EUR/JPY cross is seen at 169.40, with a potential upside target at the psychological round figure of 170.00. A decisive break above this level could lead to a rally towards the next barrier at 171.60. On the other hand, the first support level is located at the 100-period EMA at 167.80, with further downside targets at a low of May 16 at 167.33 and a low of April 29 at 165.66. Traders will be closely watching these key levels for potential breakout opportunities in the EUR/JPY cross as it continues its upward momentum.

Overall, the EUR/JPY cross is poised to extend its rally as it remains above crucial technical levels and benefits from the weakness in the Japanese Yen. The BoJ’s recent actions have also contributed to the JPY’s decline, further supporting the bullish bias in the market. With the RSI indicating strong momentum and key resistance levels ahead, traders should keep a close eye on developments in the market to capitalize on potential opportunities in the EUR/JPY cross.

In conclusion, the EUR/JPY cross is showing strength in the early European session, with the Japanese Yen weakening due to economic factors and the BoJ’s recent decisions. Technical indicators support the bullish momentum, with key resistance and support levels identified for traders to monitor. As the market continues to evolve, traders should stay informed of developments and be prepared to take advantage of potential opportunities in the EUR/JPY cross.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room May 17, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Deputy Minister: Qatar and Italy enhance bilateral relations in economic and cultural fields
Next Article Binance partners with Taiwan to resolve multimillion-dollar cryptocurrency-linked money laundering case
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?