EUR/JPY Price Analysis: Experiences setback but remains bullish as hammer looms

EUR/JPY faces a slight downturn but manages to stay above the crucial 163.00 level.
The pair touched a three-day low at 162.15, yet a 'hammer' pattern in today's trading indicates potential buyer intervention around the Tenkan-Sen level of 162.37.
A move below 163.00 might lead to a further decline towards the day's low of 162.15, potentially extending to the 162.00 level

Christian Borjon Valencia FXStreet

EUR/JPY registers back-to-back days of losses, down 0.22% in late trading during Friday's North American session, set to remain above the 163.00 figure after reaching a three-day low of 162.15.

Even though the EUR/JPY sees red, today’s price action forming a hammer suggests that buyers stepped in at around the Tenkan-Sen at 162.37. After that, the cross-pair climbed more than 80 pips, opening the door for further upside.

If EUR/JPY climbs above the 164.00 figure, that could open the door to challenge the year-to-date (YTD) high of 164.31, ahead of the 165.00 mark. On the other hand, if sellers step in and pull prices below the 163.00 figure, a dive toward the day’s low of 162.15, is on the cards. Up next, the pair could drop to 162.00, followed by the Senkou Span A at 161.51, ahead of sliding toward the Kijun-Sen at 160.65.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	163.21
Today Daily Change	-0.28
Today Daily Change %	-0.17
Today daily open	163.49

Trends
Daily SMA20	160.55
Daily SMA50	158.8
Daily SMA100	157.97
Daily SMA200	152.61

Levels
Previous Daily High	164.31
Previous Daily Low	163.26
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	163.66
Daily Fibonacci 61.8%	163.91
Daily Pivot Point S1	163.06
Daily Pivot Point S2	162.63
Daily Pivot Point S3	162.01
Daily Pivot Point R1	164.11
Daily Pivot Point R2	164.74
Daily Pivot Point R3	165.17

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.

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.