EUR/JPY Price Forecast: Rises to near 162.50; next barrier appears at eight-week highs

• The EUR/JPY cross may explore the region around its eight-week high at 163.89 level.
• The daily chart analysis suggests a bullish bias as the currency cross moves upwards within an ascending channel.
• The immediate support appears at the lower ascending channel boundary at the level of 161.50.

EUR/JPY extends its upside for the fourth consecutive day, trading around 162.50 during the Asian session on Friday. Technical analysis of the daily chart shows the pair is moving upwards within the ascending channel, suggesting an ongoing bullish bias.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the bullish sentiment for the EUR/JPY cross. A further move toward the 70 level would strengthen the upside trend for the currency cross.

On the upside, the EUR/JPY cross may explore the area around its eight-week high at 163.89, which was recorded on August 15. A break above this level could lead the currency cross to test the upper boundary of the ascending channel around the level of 164.50.

In terms of support, the EUR/JPY cross may find immediate support at the lower boundary of the ascending channel around the level of 161.50, followed by the nine-day Exponential Moving Average (EMA) at 160.47 level.

A break below the nine-day EMA could weaken the bullish bias and put downward pressure on the EUR/JPY cross to navigate the area around its seven-week low of 155.15 level.

EUR/JPY: Daily Chart