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The EUR/JPY pair continues to demonstrate stable positive dynamics. Spot prices remain near a three-week high.
Factors supporting the rise of EUR/JPY include disappointing data on household spending in Japan and a fourth consecutive month of declining real wages. Additionally, tensions in global trade may further weigh on wage dynamics, complicating the Bank of Japan's efforts to normalize monetary policy. These factors, combined with trade optimism, are undermining the Far Eastern currency and supporting the upward movement of the EUR/JPY pair.
Technical analysis confirms the bullish sentiment: recent attempts to fall below the key 200-day simple moving average (SMA) have failed, and subsequent upward movements indicate strong buyer interest. Oscillators on the daily chart remain in positive territory and have not yet reached overbought levels, suggesting potential for further growth.
Therefore, further strength toward the round level of 165.00, aiming for the yearly high reached in May around 165.20, looks quite likely. After that, momentum could extend higher toward the next round level of 166.00, encountering some resistance along the way.
On the other hand, the current session low around 164.12 may provide support for the EUR/JPY pair ahead of the round level at 164.00. Weakness below this level could be seen as a buying opportunity, remaining limited by the 163.00 level. The latter is key for any shift in momentum in favor of the bears.
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