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.
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
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.
