The EUR/JPY traded with losses on Friday, closing negative below the 159.00 level, and correcting after five straight days of advances. On the Euro front, France’s Consumer Price Index (CPI) statistics surprised to the upside but had little influence on the pair, while there was no important news on the Japanese economic calendar. All eyes are now on the Q2 GDP for the Eurozone and Japan region, which will be reported next week, to enable investors to place bets on the European Central Bank’s (ECB) and Bank of Japan’s (BoJ) subsequent decisions.

EUR/JPY Levels to Monitor

Despite Friday’s losses, the daily chart analysis implies a bullish picture for the EUR/JPY in the immediate term. The Relative Strength Index (RSI) is above its midpoint and in positive territory, which corresponds to the positive signal from the Moving Average Convergence Divergence (MACD), which shows green bars, strengthening the strong bullish mood. Furthermore, the pair is safely above the 20-, 100-, and 200-day Simple Moving Averages (SMAs), showing that the bulls have complete control of the larger picture.

Levels of support: 157.60, 157.00, and 156.00

Levels of resistance: 159.00, 159.50, and 160.00

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