Rises to near 162.50; the next barrier occurs at a maximum of eight weeks

• The EUR/JPY cross may explore the region around its eight-week high at 163.89.
• Daily chart analysis suggests an uptrend as the currency cross moves up in an ascending channel.
• Immediate support appears at the lower limit of the ascending channel at the 161.50 level.

EUR/JPY is extending its gains for a fourth consecutive day, trading around 162.50 during the Asian session on Friday. Technical analysis of the daily chart shows that the pair is moving up within the ascending channel, suggesting a continued uptrend.

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

On the other hand, 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 cause the currency cross to test the upper limit of the ascending channel around the 164.50 level.

In terms of support, the EUR/JPY cross may find immediate support at the lower limit of the ascending channel around the 161.50 level, followed by the nine-day exponential moving average (EMA) at the 160.47 level.

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

EUR/JPY: Daily chart