EUR/JPY Price Analysis: Bullish tilted as hammer emerges, back above 159.00

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  • EUR/JPY up 0.14%, rebounding from weekly low amid weaker Yen and improved risk sentiment.
  • Hammer pattern suggests further gains, targeting the 160.00 level for recovery continuation.
  • Downside risks with support at Kijun-Sen (158.47) and Senkou Span B (158.41) crucial for momentum.

The EUR/JPY stages a comeback after bouncing off a weekly low of 158.08 and rising back above the 159.00 figure, gaining 0.14% at the time of writing. An improvement in risk appetite, along with sudden Japanese Yen (JPY) weakness, opened the door for the Euro’s (EUR) recovery.

From a technical standpoint, the EUR/JPY is forming a hammer after diving inside the Ichimoku Cloud (Kumo), though buyers lifted the pair above the Senkou Span B at 158.41, opening the door for a rally to 159.00. If buyers reclaim the 160.00 figure, that could open the door to challenge January’s 31 high at 160.27.

On the flip side, if the EUR/JPY achieves a daily close below 159.00, that could pave the way for further downside. The first support would be the Kijun-Sen at 158.47, followed by Senkou Span B at 158.41. A breach of the latter will expose the February 1 low of 158.08.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price 159.12
Today Daily Change 0.08
Today Daily Change % 0.05
Today daily open 159.04
 
Trends
Daily SMA20 159.83
Daily SMA50 158.72
Daily SMA100 158.94
Daily SMA200 156.64
 
Levels
Previous Daily High 160.27
Previous Daily Low 158.57
Previous Weekly High 161.72
Previous Weekly Low 159.7
Previous Monthly High 161.87
Previous Monthly Low 155.07
Daily Fibonacci 38.2% 159.22
Daily Fibonacci 61.8% 159.62
Daily Pivot Point S1 158.32
Daily Pivot Point S2 157.59
Daily Pivot Point S3 156.61
Daily Pivot Point R1 160.02
Daily Pivot Point R2 161
Daily Pivot Point R3 161.73

 

 

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