The euro extended its gains against the Japanese yen, with the EUR/JPY pair advancing above the key resistance level of 163.25, reaching an intraday high of 163.90. The move signals a continuation of the bullish bias, although the pair has entered a brief consolidation phase to regain positive momentum.
Market analysts point to the formation of a new support base at 162.65 as a critical level underpinning the current uptrend. A sustained move above the 50-level on technical indicators would further reinforce bullish sentiment and increase the probability of a renewed rally.
Should upward momentum resume, the EUR/JPY pair is expected to test 164.20 in the near term, with a potential push toward the resistance barrier at 164.90.
For Friday’s session, the anticipated trading range is projected between 163.00 and 164.20, with the overall outlook remaining bullish.
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