EUR/JPY gains traction near 166.85 on Thursday, thehighest level since 2008. The cross keeps the bullishvibe,with the overbought RSI condition. The first resistance level will emerge at 166.82; the initial support levelislocatedat 165.35. The cross edges higher to 166.85, its highest level since 2008. The Tokyo April Consumer Price Index will be due on Fridayahead ofthe Bank of Japan interest rate decision.
The first upside barrier for the cross will emerge near the upper boundary of the Bollinger Band at 166.82. The next hurdleis seenat the 167.00 psychological level. A bullish breakout above this level will see a rally to a yearly high of 2007 at 168.95, en route to an all-time high of 169.78 in July 2008. On the flip side, the initial support level for the crossis locatednear a high of March 20 at 165.35. Further south, the next contention level to watch is the 50-period EMA at 165.
Crosses Technical Analysis
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