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- EUR/JPY strengthens to near 181.60 in Tuesday’s early European session.
- The cross keeps the bullish vibe unchanged, with the improving RSI momentum.
- The first upside barrier to watch is 182.02; the initial support level emerges near 180.68.
The EUR/JPY cross trades on a firmer note around 181.60 during the early European session on Tuesday. The Japanese Yen (JPY) softens against the Euro (EUR) after a massive 7.6-magnitude earthquake shook northeastern Japan late on Monday, which briefly raised concerns about economic disruptions.
Furthermore, weaker-than-expected Japan Gross Domestic Product (GDP) data for the third quarter might contribute to the JPY’s downside. This report might complicate the Bank of Japan’s (BoJ) policy decision next week.
Technical Analysis:
In the daily chart, EUR/JPY trades at 181.58. The 100-day exponential moving average trends higher, with price holding comfortably above it and reinforcing the bullish bias. Price hovers near the upper Bollinger Band at 182.02 as the bands narrow, signaling reduced volatility and a potential breakout setup. RSI at 63.51 remains firm and below overbought. A daily close through 182.02 could extend gains, while initial support sits at the middle band near 180.68.
Bollinger Band compression has intensified in recent sessions, and pullbacks would be cushioned by support at the lower band at 179.34, followed by the rising 100-day EMA at 175.67. The moving average gradient remains positive, keeping the broader topside bias intact. RSI has ticked up from 62.91 to 63.51, confirming improving momentum. A break under 179.34 would signal a deeper retracement toward 175.67, whereas maintaining the Bollinger midline would keep EUR/JPY biased higher.
