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On Friday, for the second consecutive day, the EUR/JPY pair is attracting buyers amid uncertainty over the timing of the Bank of Japan's next rate hike, as this uncertainty continues to undermine the yen.
The recent rebound from the 200-period Exponential Moving Average (EMA) on the 4-hour chart and the subsequent upward move favor the bulls. Positive oscillators across all timeframes also suggest that the path of least resistance for spot prices remains to the upside. If the pair breaks above 172.70 and renewed buying emerges there, as it did last week, the positive outlook will be confirmed, opening the way for further gains.
Next, EUR/JPY will aim to surpass the monthly high near the psychological 173.00 level, paving the way toward the intermediate resistance at 173.60, and then the next round figure at 174.00, which marks the yearly high set in July. A sustained move above this level would allow spot prices to continue toward the psychological barrier of 175.00 and beyond.
On the other hand, weakness below the 172.00 level would attract buyers near horizontal support at 171.50. This should help limit downside for EUR/JPY around the 200-period EMA on the 4-hour chart, currently located near 171.27. However, further selling pressure could trigger a break below the key 171.00 level, negating the constructive outlook and shifting the bias in favor of the bears.
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