- EUR/JPY experienced a downturn, touching a five-day low of 161.77.
- Technical analysis reveals that EUR/JPY has slipped below the Tenkan-Sen at 162.82, indicating potential for further declines.
- The EUR/JPY upward bias remains in place, though buyers must reclaim the Tenkan-Sen at 162.83.
EUR/JPY remains trading in the red, stumbles to a new five-day low of 161.77, before recovering some ground, toward the end of Monday’s session, registering losses of 0.61%. Nonetheless, the pair is trading with a positive tone in the early Asian session, trading at 162.25, gaining 0.01%.
The lack of fundamental news triggered safe-haven flows toward the Japanese Yen (JPY), opening the door for a pullback. The EUR/JPY daily chart witnessed the cross-pair slipping below the Tenkan-Sen at 162.82, which could exacerbate further downside. The next demand zone would be the Senkou Span A at 161.76, followed by the 161.00 mark. The next floor level would be the Kijun-Sen at 160.69.
On the other hand, the path of least resistance suggests the EUR/JPY might resume its ongoing rally, though traders must reclaim the Tenkan-Sen at 162.83. Upside risks remain above that level, followed by the 163.00 figure. A breach of the latter could open the door to challenging the year-to-date (YTD) high at 164.31.
EUR/JPY Price Analysis – Daily Chart
EUR/JPY Technical Levels
|Today last price||162.26|
|Today Daily Change||-1.03|
|Today Daily Change %||-0.63|
|Today daily open||163.29|
|Previous Daily High||163.92|
|Previous Daily Low||162.15|
|Previous Weekly High||164.31|
|Previous Weekly Low||161.54|
|Previous Monthly High||160.85|
|Previous Monthly Low||154.39|
|Daily Fibonacci 38.2%||162.83|
|Daily Fibonacci 61.8%||163.24|
|Daily Pivot Point S1||162.32|
|Daily Pivot Point S2||161.36|
|Daily Pivot Point S3||160.56|
|Daily Pivot Point R1||164.09|
|Daily Pivot Point R2||164.89|
|Daily Pivot Point R3||165.85|
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