EUR/JPY Price Forecast: Positive view prevails above 171.00, eyes on French politics
EUR/JPY drifts lower to near 171.25 in Thursday’s early European session.Positive view of the cross prevails above the 100-day EMA, but bearish RSI indicator warrants caution for bulls.The immediate resistance level emerges at 172.67; the first support level to watch is 170.60.The EUR/JPY cross loses momentum to around 171.25 during the early European session on Thursday. The Euro (EUR) weakens against the Japanese Yen (JPY) amid fears of a French political crisis. France is braced for a new political crisis as the minority government of François Bayrou appears almost certain to be toppled in a confidence vote next month, amid deep political divisions over an unpopular austerity budget and debt-reduction plan.
Technically, the constructive outlook of EUR/GBP remains in place as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. Nonetheless,...
