The EUR/JPY cross snaps the two-day losing streak around 169.30 during the early European session on Wednesday.
EUR/JPY attracts some buyers near 169.30 in Wednesday’s early European session, up 0.50% on the day. The cross keeps the negative picture unchanged below the 100-period EMA, with the bearish RSI on 4-hour chart. The key upside barrier is seen at the 170.00 psychological level; the initial support level is located at 168.15. Traders closely watch the European Central Bank interest rate decision on Thursday, which is more likely to cut interestrates by 25 basis points.
Any follow-through buying will see a rally to a high of June 4 at 170.72 en route to the upper boundary of Bollinger Band at 171.43. On the other hand, the initial support level is located near the lower limit of Bollinger Band at 168.15. A breach of the mentioned level could expose a low of May 16 at 167.33. The additional downside filter to watch is a low of May 7 at 165.64. EUR/JPY 4-hour chart EUR/JPY Overview Today last price 169.26 Today Daily Change 0.75 Today Daily Change % 0.
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