EUR/JPY Price Analysis: Clashes strong support, around 157.50 as bears loom

EUR/JPY is diving almost 3% since November 27, when the pair hit a high of 163.72
The downtrend remains intact, though it could accelerate further with a drop below 157.55.
If EUR/JPY buyers reclaim 159.00, that could pave the way for gains.

Christian Borjon Valencia FXStreet

The EUR/JPY extends its losses for the seventh straight day and hovers just above the top of the Ichimoku Cloud (Kumo), at around 158.89, down by 0.36% daily after reaching a daily high of 159.71. The main drivers behind the move have been market sentiment shifting sour, favoring appetite for the safe-haven status of the Japanese Yen (JPY), which appreciated against most G8 FX currencies, except for the Greenback.

EUR/JPY downtrend remains intact even though it bottomed at around 158.50s, which could open the door for some consolidation as bears take a respite. Nevertheless, the crossing of the Tenkan-Sen below the Kijun-Sen, along with the Chikou Span shifting bearish, means the Euro (EUR) is not out of the woods.

Given the backdrop, the EUR/JPY first support is the top of the Kumo at around 158.40/50. A decisive break could drag prices toward the bottom of the Kumo at 157.55, which, once taken out, would cement the pair’s bearish bias. The next demand area would be a support trendline at around 157.00, followed by the October 3 swing low of 154.34.

On the other hand, if buyers reclaim 159.00, that could pave the way for a recovery toward the confluence of the Senkou Span A, and the Tenkan and Kijun-Sen at around 161.13/20.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	158.89
Today Daily Change	-0.68
Today Daily Change %	-0.43
Today daily open	159.57

Trends
Daily SMA20	162.19
Daily SMA50	159.82
Daily SMA100	158.68
Daily SMA200	153.76

Levels
Previous Daily High	159.84
Previous Daily Low	158.71
Previous Weekly High	163.72
Previous Weekly Low	159.65
Previous Monthly High	164.31
Previous Monthly Low	159.07
Daily Fibonacci 38.2%	159.15
Daily Fibonacci 61.8%	159.41
Daily Pivot Point S1	158.91
Daily Pivot Point S2	158.25
Daily Pivot Point S3	157.78
Daily Pivot Point R1	160.04
Daily Pivot Point R2	160.51
Daily Pivot Point R3	161.17

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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