EUR/JPY Price Analysis: Bullish tilted as hammer emerges, back above 159.00

EUR/JPY up 0.14%, rebounding from weekly low amid weaker Yen and improved risk sentiment.
Hammer pattern suggests further gains, targeting the 160.00 level for recovery continuation.
Downside risks with support at Kijun-Sen (158.47) and Senkou Span B (158.41) crucial for momentum.

Christian Borjon Valencia FXStreet

The EUR/JPY stages a comeback after bouncing off a weekly low of 158.08 and rising back above the 159.00 figure, gaining 0.14% at the time of writing. An improvement in risk appetite, along with sudden Japanese Yen (JPY) weakness, opened the door for the Euro’s (EUR) recovery.

From a technical standpoint, the EUR/JPY is forming a hammer after diving inside the Ichimoku Cloud (Kumo), though buyers lifted the pair above the Senkou Span B at 158.41, opening the door for a rally to 159.00. If buyers reclaim the 160.00 figure, that could open the door to challenge January’s 31 high at 160.27.

On the flip side, if the EUR/JPY achieves a daily close below 159.00, that could pave the way for further downside. The first support would be the Kijun-Sen at 158.47, followed by Senkou Span B at 158.41. A breach of the latter will expose the February 1 low of 158.08.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	159.12
Today Daily Change	0.08
Today Daily Change %	0.05
Today daily open	159.04

Trends
Daily SMA20	159.83
Daily SMA50	158.72
Daily SMA100	158.94
Daily SMA200	156.64

Levels
Previous Daily High	160.27
Previous Daily Low	158.57
Previous Weekly High	161.72
Previous Weekly Low	159.7
Previous Monthly High	161.87
Previous Monthly Low	155.07
Daily Fibonacci 38.2%	159.22
Daily Fibonacci 61.8%	159.62
Daily Pivot Point S1	158.32
Daily Pivot Point S2	157.59
Daily Pivot Point S3	156.61
Daily Pivot Point R1	160.02
Daily Pivot Point R2	161
Daily Pivot Point R3	161.73

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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