EUR/JPY Price Analysis: Range-bound below 170.00 awaits fresh catalyst
- EUR/JPY trades at 169.46, virtually unchanged, following ECB's interest rate cut.
- Technical outlook indicates consolidation between 169.40 and 170.00, with subdued momentum.
- Key resistance at 170.00, June 3 high of 170.89, and YTD high of 171.58.
- Support levels at 168.50 (Senkou Span A), 167.45 (Kijun-Sen), and 166.90 (Senkou Span B).
The EUR/JPY registered minimal losses of 0.13% on Thursday after the European Central Bank (ECB) decided to cut interest rates, failing to undermine the Euro. Nevertheless, the cross-pair trades below the 170.00 figure, exchange hands at 169.46, virtually unchanged.
EUR/JPY Price Analysis: Technical outlook
The daily chart hints the pair consolidated at around 169.40-170.00 with momentum set to remain subdued. The Relative Strength Index (RSI) has fluctuated between bullish and bearish momentum, indicating that neither buyers nor sellers are in charge.
However, if the EUR/JPY edges above 170.00, that would exacerbate a rally toward the year-to-date (YTD) high. That said, the next resistance would be the June 3 high of 170.89, followed by the YTD high at 171.58.
Conversely, if EUR/JPY slumps below 169.40, that would exacerbate a drop toward the top of the Ichimoku cloud. Therefore, the first support would be the Senkou Span A at 168.50, followed by the Kiju-Sen at 167.45. Further losses lie beneath at 166.9, the Senkou Span B.
EUR/JPY Price Action – Daily Charts
