EUR/JPY’s Bullish Drive Targets ¥165.50

• Uptrend Gains Momentum: The EUR/JPY pair’s uptrend has gained further momentum, driven by the weakening Japanese Yen, showcasing an impressive rise of over 5.80% since the year’s start.
• Indication of Further Strength: The currency pair’s latest rebound off the daily EMA channel highlights ongoing strength, suggesting a trajectory towards new highs. The immediate focus is on retesting recent peaks at ¥165.50, with the long-term targets shifting towards the ¥170 mark.
• Major Resistance in Sight: The approach towards the significant psychological resistance level of ¥170, last touched in August 2008, is noteworthy. This level previously initiated a substantial decline in the aftermath of the 2008 financial crisis.
• Supporting the Uptrend: The uptrend structure remains intact as long as prices uphold the ¥162.50 threshold, identified as the last confirmed bottom formation on the daily timeframe.
• Overbought Conditions: RSI indicators on the 1-hour and 4-hour timeframes suggest overbought conditions, hinting at a possible exhaustion and a short-term corrective dip.
• Intraday Support Levels: For intraday dynamics, support levels outlined at ¥164.40 and ¥164 are pivotal. These levels may attract bullish traders aiming to rekindle momentum during any short-term corrective waves.

EURJPY 1 Hour Chart

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