EUR/JPY Price Analysis: Holds steady above 160.00, as bull target 161.00

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  • EUR/JPY advance is tempered by proximity to the year-to-date high of 160.84, with a break above potentially signaling further gains.
  • The threat of Japanese intervention has receded, providing room for the pair's upward trajectory.
  • Key support levels to watch include the Tenkan-Sen at 159.26 and a stronger confluence of support around 157.59/69.

The EUR/JPY extends its gains to two straight days, remaining above the 160.00 figure ahead of the weekend, amid an upbeat market sentiment. Economic data shows hiring is slowing down, as the US Nonfarm Payrolls for October missed forecasts, spurring a risk-on mood in the financial markets. At the time of writing, the cross-pair exchanges hands at 160.25, gains 0.29%.

Even though the pair is trading near cycle highs, it remains shy of climbing past the year-to-date (YTD) high at 160.84, which, once cleared, could open the door for further upside. In that case, a pullback could justify long traders, as Japanese intervention threats, calmed. A breach of the latter would expose the 161.00 handle.

Contrarily, if EUR/JPY drops below the Tenkan-Sen at 159.26, the trend would be skewed to the downside. Next support would emerge at the confluence of the October 30 low and the Tenkan-Sen at around 157.59/69, followed by the bottom of the Ichimoku Cloud at 155.55.

EUR/JPY Price Chart – Daily

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price 160.27
Today Daily Change 0.47
Today Daily Change % 0.29
Today daily open 159.8
 
Trends
Daily SMA20 158.47
Daily SMA50 158.05
Daily SMA100 157.4
Daily SMA200 151.58
 
Levels
Previous Daily High 160.08
Previous Daily Low 159.07
Previous Weekly High 159.92
Previous Weekly Low 157.88
Previous Monthly High 160.85
Previous Monthly Low 154.39
Daily Fibonacci 38.2% 159.7
Daily Fibonacci 61.8% 159.46
Daily Pivot Point S1 159.22
Daily Pivot Point S2 158.64
Daily Pivot Point S3 158.21
Daily Pivot Point R1 160.24
Daily Pivot Point R2 160.67
Daily Pivot Point R3 161.25

 

 

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