EUR/JPY falls for the fifth day, holds above weekly low
- The EUR/JPY is trading below the Tenkan-Sen at 162.77, which indicates a neutral to bearish bias.
- A break below the Senkou-Span A at 161.82 could trigger more selling pressure, targeting the Kijun-Sen at 160.99 and the October 30 low at 157.69.
- A recovery above the November 21 high at 162.43 could signal a reversal of the downtrend, challenging the Tenkan-Sen at 162.77.
EUR/JPY retreats for the third time in the week, five consecutive days, though it remains above the current week low of 161.24 and trades at 161.82 as Wednesday’s Asian session begins.
The EUR/JPY is neutral to upward biased, subject to further losses after the cross slipped below the Tenkan-Sen at 162.77. Since then, the pair fell toward the 161.00 handle, with sellers eyeing a break beneath the Senkou-Span A at 161.82. If the pair breaches the latter, sellers would have two technical signals to open fresh shorts positions, aimed to drag prices below the Kijun-Sen at 160.99, toward challenging the October 30 swing low at 157.69.
On the other hand, if the EUR/JPY aims and closes at around November 21, high at 162.43, that would put in play a challenge of the Tenkan-Sen at 162.77.
EUR/JPY Price Analysis – Daily Chart
EUR/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
