- EUR/JPY trades on a softer note near 163.55 in Friday’s early Asian session.
- The cross resumes its uptrend above the 100-period EMA with a bullish RSI indicator.
- The immediate resistance level emerges at 164.00; the 163.10-163.00 region acts as an initial support level.
The EUR/JPY cross trades weaker around 163.55, snapping the four-day winning streak on Friday during the early European session. The Japanese Yen (JPY) edges higher after recent Japan’s second-quarter Gross Domestic Product (GDP) came in stronger than estimated, growing by 0.8% QoQ in Q2. The encouraging GDP growth numbers lend support to the chance of a near-term interest rate hike by the Bank of Japan (BoJ).
The cross resumes its uptrend on the 4-hour chart, with the price holding above key 100-period Exponential Moving Averages (EMA). The Relative Strength Index (RSI) stands above the midline near 68.50, indicating that bearish vibes are present.
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