EUR/JPY Price Analysis: Consolidates around 164.00 as intervention threats remain

EUR/JPY slightly falls to 164.65, amid intervention rumors, ECB easing expectations.
Surpassing 165.00 may indicate bullish trend, aiming beyond YTD high to 166.00.
Falling below 164.00 might lead to correction, with key supports at Ichimoku Cloud indicators.

Christian Borjon Valencia FXStreet

The EUR/JPY pair remains subdued in early trading during the North American session, posting minuscule losses of 0.14% and exchanging hands at 164.65. Japanese authorities intervention threats, along with speculations that the European Central Bank (ECB) could begin easing policy in June, increased appetite for the safe-haven Japanese Yen (JPY).

EUR/JPY Price Analysis: Technical outlook

From a technical standpoint, the EUR/JPY is in consolidation at around the 164.00/165.33 year-to-date (YTD) high, with price action getting closer to the Ichimoku Cloud (Kumo). That means the uptrend stalled, and market participants are scrambling for direction in the pair.

For a bullish continuation, the EUR/JPY must break above 165.00, followed by the YTD high of 165.33. Up next sits the psychological 166.00 figure.

Conversely, if sellers push prices below 164.00, that would pave the way for a deeper correction. The next support would be the Tenkan Sen at 163.89, followed by the Senkou Span A at 163.33. Further losses are seen at the Kijun-Sen at 162.78, before clashing with the top of the Kumo around 162.50.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	164.69
Today Daily Change	-0.20
Today Daily Change %	-0.12
Today daily open	164.89

Trends
Daily SMA20	163.43
Daily SMA50	162.28
Daily SMA100	160.56
Daily SMA200	159.31

Levels
Previous Daily High	164.91
Previous Daily Low	164.04
Previous Weekly High	164.92
Previous Weekly Low	162.61
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	164.57
Daily Fibonacci 61.8%	164.37
Daily Pivot Point S1	164.32
Daily Pivot Point S2	163.74
Daily Pivot Point S3	163.44
Daily Pivot Point R1	165.19
Daily Pivot Point R2	165.48
Daily Pivot Point R3	166.06

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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