The binance price chartEUR/JPY pair continues its sideways movement near 161.45 during Friday's European session.
Technical indicators remain positive as price holds above key moving averages with RSI above 50.
Market participants await ECB President Lagarde's speech for potential catalysts.
The EUR/JPY cross maintains its consolidation pattern as market activity remains subdued ahead of key central bank commentary. With no major economic releases from either the Eurozone or Japan, traders are focusing on technical factors and positioning for potential volatility around ECB President Christine Lagarde's scheduled remarks.
Technical analysis reveals several important factors for EUR/JPY traders. The pair continues to trade comfortably above both the 50-hour and 100-hour Exponential Moving Averages, suggesting underlying strength in the current price action. The Relative Strength Index, currently positioned in bullish territory above the 50 level, reinforces this positive technical picture.
Looking at potential resistance levels, the year-to-date high at 161.80 represents a significant technical barrier that coincides with the upper Bollinger Band. A convincing break above this level could open the path toward psychological resistance at 162.00, with additional upside targets potentially coming into play at higher levels not seen since 2008.
On the support side, the October 31 high at 160.85 serves as the first important floor for the pair. Below this level, traders should watch for potential tests of the lower Bollinger Band near 160.51, followed by more substantial support around the 50-hour EMA at 159.80. A breach of these levels could signal a deeper correction toward the November 2 low near 159.07.
