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Euro climbs toward 164.00 as bullish momentum builds
By: bitcoin ethereum news|2025/05/09 07:15:01
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EUR/JPY trades near the 164.00 zone after strong gains in Thursday’s session. Overall bias remains bullish, supported by upward-trending moving averages. Immediate support holds below, while resistance aligns near recent highs. The EUR/JPY pair pushed higher on Thursday, trading near the 164.00 zone after the European session, reflecting a strong bullish tone as the pair approaches the Asian session. Price action remained near the top of the day’s range, suggesting that buyers maintain control despite some mixed short-term signals. The broader technical structure remains supportive, underpinned by a cluster of rising moving averages. From a technical perspective, the bullish bias is clear. The Relative Strength Index holds a neutral reading near 58, reflecting steady momentum without immediate overbought conditions. The Moving Average Convergence Divergence prints a buy signal, confirming the positive tone, while the Average Directional Index remains neutral, indicating that trend strength is present but not extreme. The Commodity Channel Index also remains neutral, adding to the view that the uptrend is gaining traction without being overstretched. The backbone of the bullish case comes from the moving averages. The 20-day, 100-day, and 200-day Simple Moving Averages are all positioned well below current price levels and continue to slope upward, providing strong underlying support. The 10-day Exponential and Simple Moving Averages further reinforce this structure, indicating that the broader trend remains intact and buyers retain the upper hand. Support levels are identified at 162.84, 162.80, and 162.66. Resistance is likely to emerge near recent highs, with a breakout above this zone potentially confirming the next leg higher. A sustained move above these levels could open the door to further gains in the sessions ahead. Daily Chart Source: https://www.fxstreet.com/news/eur-jpy-price-analysis-euro-climbs-toward-16400-as-bullish-momentum-builds-202505082100
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