EUR/JPY Price Analysis: Downtrend stalls as doji emerges, bulls regain 157.00

EUR/JPY's marginal decline influenced risk aversion, as the pair fluctuates within a narrow range.
Downward trend persists, with potential supports at Tenkan-Sen (157.03), Kijun-Sen (156.42), and 156.00 level.
Buyers aim to overcome hurdles at 158.00 and 159.00, targeting Ichimoku Cloud bottom for a possible upward shift.

Christian Borjon Valencia FXStreet

The Euro posts minuscule losses after seesawing in an 80 pip range on Tuesday, with the EUR/JPY trading at 157.91, down 0.01% due to investors turning risk averse, as safe-haven currencies rose.

The downtrend has extended for the second straight day, though the EUR/JPY jumped from around the Tenkan-Sen, sitting at 157.03. nevertheless, the path of least resistance is downward, and if sellers would like to regain control, they must push prices lower.

Therefore, the first support would be the Tenkan-Sen, followed by the 157.00 figure. Once cleared, the next demand area is seen at the Kijun-Sen at 156.42. if bears reclaim that level, they could challenge 156.00.

On the other hand, although the pair failed to print a new daily high in the day, buyers remain hopeful of lifting the cross pair. For them, the first resistance would be the 158.00 figure, followed by the 159.00 mark. A breach of the latter would expose the bottom of the Ichimoku Cloud (Kumo) at around the 159.30/50 area, followed by 160.00.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	157.84
Today Daily Change	-0.08
Today Daily Change %	-0.05
Today daily open	157.92

Trends
Daily SMA20	156.7
Daily SMA50	159.29
Daily SMA100	158.61
Daily SMA200	155.45

Levels
Previous Daily High	158.49
Previous Daily Low	157.69
Previous Weekly High	159
Previous Weekly Low	155.07
Previous Monthly High	161.78
Previous Monthly Low	153.17
Daily Fibonacci 38.2%	157.99
Daily Fibonacci 61.8%	158.18
Daily Pivot Point S1	157.58
Daily Pivot Point S2	157.23
Daily Pivot Point S3	156.78
Daily Pivot Point R1	158.38
Daily Pivot Point R2	158.83
Daily Pivot Point R3	159.18

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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