EUR/JPY Technical Analysis: Support at 163.00 Keeps Bulls in Control
The EUR/JPY pair (Euro vs Japanese Yen) is holding firm above the 163.00 level. This shows that buyers are still in control and the trend is looking positive.
The price is staying above key moving averages, which supports the idea that the pair may keep going up. Also, a common market tool called the RSI is still above 50, which means there’s steady buying interest.
If the price keeps rising, the next levels to watch are 163.55, 164.00, and possibly 164.55. These are called resistance levels, where the price might slow down or pull back.
But if the price starts to fall, the first support is near 162.32. The next strong support is around 161.87. As long as the pair stays above 163.00, the overall trend is still considered strong and positive.
Impact:
If EUR/JPY stays above 163.00, it could possibly rise toward 164.00 or more. But if it breaks below support, a short-term drop might happen.