EUR/JPY Price Analysis: Bullish-harami at daily to pave the way to 162.00

EUR/JPY up 0.39%, rebounding from daily low as Yen weakens in FX market.
Bullish harami pattern suggests upside potential; resistance at 161.00, then January 19 high.
Downside risks if below Tenkan/Sen (160.55); next supports at 160.00, 159.69, 159.51.

Christian Borjon Valencia FXStreet

The EUR/JPY bounces off weekly lows late on Friday’s North American session and is up 0.39% as the Japanese Yen (JPY) remains the laggard across the FX space. At the time of writing, the cross-pair exchanges hands at 160.77 after reaching a daily low of 159.83.

From a technical standpoint, price action in the last couple of days is forming a ‘bullish harami’ two-candle pattern that reassembles an inside day, which leads to price action to the upside. If buyers lift the 161.00, the next resistance would be the January 19 high at 161.87, with the psychological 162.00 up next.

On the flip side, if sellers drop below the Tenkan/Sen at 160.55, the next support would be 160.00, followed by the January 25 daily low of 159.69 and the Senkou Span A at 159.51.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	160.76
Today Daily Change	0.63
Today Daily Change %	0.39
Today daily open	160.13

Trends
Daily SMA20	159.01
Daily SMA50	158.94
Daily SMA100	158.87
Daily SMA200	156.39

Levels
Previous Daily High	160.97
Previous Daily Low	159.7
Previous Weekly High	161.87
Previous Weekly Low	158.63
Previous Monthly High	161.78
Previous Monthly Low	153.17
Daily Fibonacci 38.2%	160.18
Daily Fibonacci 61.8%	160.48
Daily Pivot Point S1	159.56
Daily Pivot Point S2	158.99
Daily Pivot Point S3	158.29
Daily Pivot Point R1	160.84
Daily Pivot Point R2	161.54
Daily Pivot Point R3	162.11

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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