EUR/JPY PRICE ANALYSIS: THE FIRST UPSIDE TARGET EMERGES ABOVE 172.50
- EUR/JPY drifts lower around 172.45 in Wednesday’s Asian session.
- The cross maintains the negative stance below the 100-period EMA on the 4-hour chart, with bearish RSI indicators.
- The first upside barrier will emerge at 172.75; the initial support level is located at 171.82.
The EUR/JPY cross weakens near 172.45 on Wednesday during the early European session. The cross edges lower as traders turn cautious ahead of the release of the Eurozone Harmonized Index of Consumer Prices (HICP) for June. The attention will shift to the European Central Bank (ECB) interest rate decision on Thursday, with no change in rates expected.
According to the 4-hour chart, the bearish outlook of EUR/JPY remains intact as the cross holds below the key 100-period Exponential Moving Averages (EMA). The cross could resume <wbr>its upside if it can break above the 100-period EMA at 172.75. Meanwhile, the Relative Strength Index (RSI) stands in the bearish zone around 42.15, suggesting that the path of least resistance is to the downside.
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