EUR/JPY Price Analysis: Ends the week bearishly, tumbles below 160.00

EUR/JPY records significant weekly losses, closing down by more than 2.20%.
A key focus for traders is the Ichimoku Cloud support around the 158.00 level, which could accelerate the downtrend toward 154.00.
For a shift back to bullish resumption, EUR/JPY must reclaim the Kijun-Sen at 161.00 and surpass the recent cycle low at 161.24, with the Tenkan-Sen at 161.68 up next.

Christian Borjon Valencia FXStreet

The EUR/JPY closed the week with a negative tone, down by 1% on Friday, for a total of more than 2.20% weekly losses, and shifts bearish after breaking key support levels on Friday. At the time of writing, the EUR/JPY exchanges hands at 159.73, following a fall of more than 160 pips from a daily high of 161.77.

The pair shifted bearish, though it’s pending breaching support at the Ichimoku Cloud (Kumo), at around the 158.00 area. Once the EUR/JPY extends its losses below that price level, sellers will target the October 3 swing low of 154.34, ahead of the July 28 low of 151.40

On the other hand, EUR/JPY needs to reclaim the Kijun-Sen at 161.00 before challenging the most recent cycle low at 161.24, the November 21 low. If those levels are surrendered, the next stop would e the Tenkan-sen at 161.68.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	159.7
Today Daily Change	-1.66
Today Daily Change %	-1.03
Today daily open	161.36

Trends
Daily SMA20	162.27
Daily SMA50	159.75
Daily SMA100	158.6
Daily SMA200	153.6

Levels
Previous Daily High	161.94
Previous Daily Low	160.6
Previous Weekly High	163.66
Previous Weekly Low	161.25
Previous Monthly High	164.31
Previous Monthly Low	159.07
Daily Fibonacci 38.2%	161.11
Daily Fibonacci 61.8%	161.43
Daily Pivot Point S1	160.66
Daily Pivot Point S2	159.95
Daily Pivot Point S3	159.31
Daily Pivot Point R1	162
Daily Pivot Point R2	162.65
Daily Pivot Point R3	163.35

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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