EUR/JPY Price Analysis: Bearish reversal stalls at 156.10 support

The Euro downside attempts have been capped above 156.00.
The pair is consolidating after the late November decline.
Euro bulls will face strong resistance at 158.45.

Guillermo Alcala FXStreet

The Euro is looking for direction on a light session on the last trading day of the year. The pair´s reversal from 158.45 has been contained at the 156.10 support area with 1.57.00 capping bulls so far.

Looking from a broader perspective, the pair is in a consolidation pattern, following a bearish impulse from November highs above 164.00

Technical indicators are mixed, with the RSI flat near the 50 level which shows a lack of clear direction. On the episode, the mentioned 157.00 is closing the path towards key resistance at 158.45, the 5o% retracement of the late November sell-off.

On the downside, immediate support lies at the mentioned 156.10, and below here, 155.35, and the December 14 low at 154.00.

EUR/JPY 4-hour Chart

Technical levels to watch

EUR/JPY

Overview
Today last price	156.72
Today Daily Change	0.28
Today Daily Change %	0.18
Today daily open	156.44

Trends
Daily SMA20	157.08
Daily SMA50	159.55
Daily SMA100	158.74
Daily SMA200	154.97

Levels
Previous Daily High	157.57
Previous Daily Low	155.84
Previous Weekly High	158.57
Previous Weekly Low	154.83
Previous Monthly High	164.31
Previous Monthly Low	159.07
Daily Fibonacci 38.2%	156.5
Daily Fibonacci 61.8%	156.91
Daily Pivot Point S1	155.67
Daily Pivot Point S2	154.89
Daily Pivot Point S3	153.93
Daily Pivot Point R1	157.4
Daily Pivot Point R2	158.35
Daily Pivot Point R3	159.13

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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