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IPC Index — Mexico MarketEUR/JPY – Positive outlook remains intact, first upside barrier emerges near 186.00
- EUR/JPY gains momentum to around 184.95 in Wednesday’s early European session.
- The cross maintains the constructive outlook above the 100-day EMA, with bullish RSI momentum.
- The first downside target to watch is 184.10; the immediate resistance level is located at 185.90.
The EUR/JPY cross attracts some buyers near 184.95 during the early European session on Wednesday. The Japanese Yen (JPY) weakens against the Euro (EUR) amid fiscal concerns on the back of Japanese Prime Minister Sanae Takaichi’s reflationary policies. Markets brace for heightened volatility ahead of a snap general election on Sunday.
On the Euro front, the European Central Bank (ECB) is widely expected to hold its key interest rates steady at its February monetary policy meeting on Thursday. This would mark the fifth consecutive meeting with no change in rates.
Technical Analysis:
In the daily chart, EUR/JPY holds comfortably above the rising 100-day EMA at 180.23, preserving the broader uptrend. The average continues to ascend, underpinning pullbacks. It hovers near the upper Bollinger Band, highlighting persistent bullish pressure. RSI at 57.95 advances above its midline, signaling firm momentum without overbought conditions.
Bollinger Bands slope higher, reinforcing the bullish bias as volatility remains contained. A daily close above the upper band at 185.90 would reinforce upside extension. On the downside, support sits at the middle band of 184.10, with a deeper cushion at the lower Bollinger Band of 182.34. A break below these levels would weaken the structure and shift focus toward consolidation.
