EUR/JPY faces downward pressure and slumps to a five-day low

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.

Christian Borjon Valencia FXStreet

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

EUR/JPY

Overview
Today last price	162.26
Today Daily Change	-1.03
Today Daily Change %	-0.63
Today daily open	163.29

Trends
Daily SMA20	160.78
Daily SMA50	158.91
Daily SMA100	158.03
Daily SMA200	152.73

Levels
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

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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