EURJPY Bounced From 162.4: A Bullish Signal

EURJPY bounced from 162.4 support, resuming its bullish trajectory. A close above 163.0 could escalate the uptrend, targeting 163.8.

EURJPY Technical Analysis – 10-January-2025

FxNews—The European currency has been trading bullish, having gained 1.20% against the Japanese Yen since early January. Another proof of the bullish trend is that EUR/JPY is above the 50- and 100-period simple moving averages.

As of this writing, the currency pair trades at approximately 162.9, testing the immediate resistance level.

What Do Technical Indicators Reveal?

• The RSI 14 value is 43 and declining, meaning the bears are pressuring the market.
• The Stochastic Oscillator value is 28.0, and it has stepped away from the oversold territory, indicating bullish momentum.
• The Awesome Oscillator histogram is green with small bars but above zero, which indicates that the bull market should prevail.

Overall, the technical indicators suggest that the primary trend is bullish, and should resume.

EURJPY Bounced From 162.4: What’s Next?

The immediate resistance is 163.0. From a technical perspective, the uptrend from 160.9 could extend to higher resistance levels if bulls push the prices above 163.0. In this scenario, the next target could be 163.8, followed by 164.5.

Please note that the bullish outlook should be invalidated if EUR/JPY falls below 162.4.

• Also read: GBPJPY Downtrend Extends to 194.2 Amid Oversold Signals

The Bearish Scenario

The immediate resistance is at 162.4. From a technical standpoint, the downtrend of 164.5 will likely resume if the value of EUR/JPY falls below 162.4. If this scenario unfolds, the next bearish target could be 161.0.

Support and Resistance Levels – 10-January-2025

Traders and investors should closely monitor the EUR/JPY key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.