EUR/JPY Price Analysis: Surges above 158.00, but downtrend remains intact

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  • EUR/JPY's rallies but the bearish bias remains in place
  • Technical outlook shows potential resistance near 158.35, with 159.00 and 160.00 as subsequent targets on a break higher.
  • Sellers could target supports at Kijun-Sen, Tenkan-Sen, and the January 2 low at 155.06.

The EUR/JPY rallied on Thursday by more than 1%, but it remains below the Ichimoku Cloud (Kumo), meaning that its bearish bias stays intact. Nevertheless, if the cross-pair achieves a daily close above the December 19 swing high of 158.59, could pave the way to challenge the 159.00 figure. At the time of writing, the pair is trading at 158.34

From a technical standpoint, the EUR/JPY daily chart depicts the pair as neutral to downward biased, following the drop from the November 16 high of 164.31, towards the December 7 low of 153.11. Since then, the pair has edged upwards but remains unable to crack resistance at around the 158.35 area. A breach of the latter would expose the 159.00 figure, followed by the 160.00 figure.

If EUR/JPY sellers regain control, the first support they will face would be the Kijun-Sen at 157.68. Once cleared, the next support would be the Tenkan-Sen at 156.83, followed by the January 2 low of 155.06.  

EUR/JPY Price Action – Daily Chart

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price 158.35
Today Daily Change 1.91
Today Daily Change % 1.22
Today daily open 156.44
 
Trends
Daily SMA20 156.4
Daily SMA50 159.3
Daily SMA100 158.62
Daily SMA200 155.24
 
Levels
Previous Daily High 156.79
Previous Daily Low 155.25
Previous Weekly High 158.39
Previous Weekly Low 155.65
Previous Monthly High 161.78
Previous Monthly Low 153.17
Daily Fibonacci 38.2% 156.2
Daily Fibonacci 61.8% 155.84
Daily Pivot Point S1 155.53
Daily Pivot Point S2 154.62
Daily Pivot Point S3 153.99
Daily Pivot Point R1 157.07
Daily Pivot Point R2 157.7
Daily Pivot Point R3 158.61

 

 

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