EUR/JPY Price Analysis: Climbs above 164.00 with bulls eyeing YTD high

EUR/JPY breaks above Tenkan-Sen, eyes 165.00 potential.
Holding above 164.00 may lead to testing yearly highs.
Bears aim below 164.00 for reversal; Tenkan-Sen, Kijun-Sen as supports.

Christian Borjon Valencia FXStreet

The Euro posted solid gains against the Japanese Yen (JPY) on Wednesday, amid an improvement in risk appetite and the dovish stance adopted by the Bank of Japan (BoJ) despite rising interest rates. At the time of writing, the EUR/JPY trades at 164.25, up 0.67%.

EUR/JPY Price Analysis: Technical outlook

Euro bulls re-entered the market, lifting the EUR/JPY pair above the Tenkan-Sen a 163.71, which opened the door to reclaim the 164.00 mark. That suggests that buyers are gathering steam, which would open the door to challenge the 165.00 mark. A breach of the latter will expose the year-to-date (YTD) high of 165.34.

On the flip side, sellers must drag prices below 164.00 to challenge the new Tenkan-Sen level at 163.71, the next support level. Once surpassed, traders could test the Senkou Span Aat 163.25, followed by the Kijun-Sen level at 162.78.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	164.27
Today Daily Change	1.05
Today Daily Change %	0.64
Today daily open	163.22

Trends
Daily SMA20	162.86
Daily SMA50	161.95
Daily SMA100	160.51
Daily SMA200	159.18

Levels
Previous Daily High	163.34
Previous Daily Low	162.61
Previous Weekly High	164.42
Previous Weekly Low	162.94
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	163.06
Daily Fibonacci 61.8%	162.89
Daily Pivot Point S1	162.77
Daily Pivot Point S2	162.33
Daily Pivot Point S3	162.05
Daily Pivot Point R1	163.5
Daily Pivot Point R2	163.78
Daily Pivot Point R3	164.22

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.

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