Gains momentum, eyes key resistance levels on risk-on mood

• EUR/JPY advances for the second consecutive day, trading around 162.27, reflecting a 0.25% rise amid a favorable risk-on market environment.
• The pair shows an upward bias on the daily chart, with a significant resistance level at the August 2008 high of 165.60.
• On the downside, initial support is identified at the Tenkan-Sen level of 160.72, followed by the Senkou Span A at 160.07 and the Kijun-Sen at 159.44.

EUR/JPY continues to advance for the second straight day, gaining traction toward 162.50 in late trading during the North American session, amid a risk-on impulse and despite Japanese authorities’ intervention threats. At the time of writing, the EUR/JPY is exchanging hands at 162.27 up 0.25%.

From a daily chart perspective, the EUR/JPY remains upward biased, with the next resistance level emerging at around the August 2008 high of 165.60. A breach of the latter would expose the July 2008 high of 169.97, ahead of challenging the 170.00.

On the opposite flip side, the EUR/JPY first support would be the Tenkan-Sen level at 160.72 before challenging the Senkou Span A at 160.07 and the Kijun-Sen at 159.44.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels