EUR/JPY Price Analysis: Buyers loom around 160.00, target 161.00

EUR/JPY climbs in North American session, gaining 0.22% and trading at 159.86.
Buyers aim for a daily close above latest cycle high at 159.91 to open the door for further upside.
If EUR/JPY prints a daily close below 159.91, potential reversal could see first support at Tenkan-Sen at 159.27.

Christian Borjon Valencia FXStreet

The EUR/JPY climbs late in the North American session, with the cross recovering from a 78 pip fall on Wednesday, courtesy of risk-off impulse. On Thursday, the story is different, as the pair gains 0.22% and trades at 159.86 after bouncing off a daily low of 159.06.

After reaching a new YTD high, the EUR/JPY uptrend remains intact, though at the brisk of reversing as buyers must achieve a daily close above the latest cycle high seen at 159.91, which, once cleared, could open the door for further upside. Up next would be the 160.00 mark, followed by the November 1 high at 160.43 before challenging the current YTD high at 160.84. A breach of the latter will expose the 161.00 mark.

On the other hand, if EUR/JPY prints a daily close below 159.91, that could open the door for a reversal. First support would emerge at the Tenkan-Sen at 159.27 before the pair dives to 159.00. The next support would emerge at the Senkou Span A level at 158.43 before the cross aims to the 158.00 mark

EUR/JPY Price Action – Daily chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	159.87
Today Daily Change	0.30
Today Daily Change %	0.19
Today daily open	159.57

Trends
Daily SMA20	158.31
Daily SMA50	158.01
Daily SMA100	157.34
Daily SMA200	151.49

Levels
Previous Daily High	160.44
Previous Daily Low	159.07
Previous Weekly High	159.92
Previous Weekly Low	157.88
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	159.59
Daily Fibonacci 61.8%	159.91
Daily Pivot Point S1	158.94
Daily Pivot Point S2	158.32
Daily Pivot Point S3	157.58
Daily Pivot Point R1	160.31
Daily Pivot Point R2	161.06
Daily Pivot Point R3	161.68

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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