EUR/JPY attracts some sellers to 164.40 in Friday’s early European session. The cross is below the key EMA with an oversold RSI condition. The first downside target is located at 163.67; the immediate resistance level is seen in the 165.90–166.00 zone. The cross trades on a softer note for the third consecutive day, despite bouncing off weekly lows of 164.00.
Any follow-through selling below the latter will see a drop to a low of April 19 near 163.00. The next contention level to watch is a low of April 12 at 162.28. On the other hand, the immediate resistance level for the cross is located at the 165.90–166.00 region, representing the 100-period EMA and psychological level. Further north, the next hurdle is seen near a high of May 2 at 167.38. A break above the latter could see a rally to a yearly high of 2007 at 168.
Source: Digital Coin News (digitalcoinnews.net)
Crosses Technical Analysis
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