The EUR/JPY cross trades on a positive note for three straight days around 166.65 on Wednesday during the early European session.
EUR/JPY gains traction near 166.65 in Wednesday's early European session. The cross resumes its uptrend above the key EMA; RSI indicator holds in bullish territory. The first upside barrier will emerge at 167.20; the initial support levelislocatedat 165.90. The EUR/JPY cross tradeson a positive notefor three straight daysaround166.65 on Wednesday during the early European session.
20 acts as an immediate resistance level for the cross. Further north, the next hurdle is located at the 168.00 psychological figure, en route to a high of April 30 at 168.61. Any follow-through buying above the latter will see a rally to a yearly high of 2007 at 168.95. On the downside, the initial support level for EUR/JPYisseennear the 100-period EMA at 165.90. A decisive break below this level will see a drop to a low of May 6 at 165.
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