EUR/JPY Price Analysis: Extends losses to two days, diving below 158.00

EUR/JPY slips amid a risk-on mood, as it remains below the Ichimoku Cloud
Further downside is seen below the Tenkan and Kijun Sen levels as the pair aims toward 156.00.
The EUR/JPY could shift bullish if buyers reclaim 159.00.

Christian Borjon Valencia FXStreet

The EUR/JPY begins the week on a lower note, posting losses of 0.17% on Monday amid a risk-on impulse. The cross-currency pair's upward move was quickly rejected at a multi-month support trendline turned resistance, opening the door for a pullback. Therefore, the pair is trading at 157.92 as Tuesday’s Asian session begins, almost flat.

The cross-pair base shifted bearish after diving below the Ichimoku Cloud (Kumo). That along with the cross of the Tenkan-Sen below the Kijun-Sen, has kept the EUR/JPY capped below the 159.00 figure. If sellers would like to extend the downtrend, they must drag prices below the Tenkan-Sen at 157.03, followed by the Kijun-Sen at 156.48, as the pair extends its losses toward 156.00.

On the other hand, if the EUR/JPY reverses its course and achieves a daily close above 158.50, that could open the door for a test of 159.00. On further strength, the pair would aim towards the bottom of the Kumo at 159.30, ahead of challenging 160.00.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	157.95
Today Daily Change	-0.40
Today Daily Change %	-0.25
Today daily open	158.35

Trends
Daily SMA20	156.67
Daily SMA50	159.3
Daily SMA100	158.62
Daily SMA200	155.38

Levels
Previous Daily High	159
Previous Daily Low	158.05
Previous Weekly High	159
Previous Weekly Low	155.07
Previous Monthly High	161.78
Previous Monthly Low	153.17
Daily Fibonacci 38.2%	158.64
Daily Fibonacci 61.8%	158.41
Daily Pivot Point S1	157.93
Daily Pivot Point S2	157.52
Daily Pivot Point S3	156.99
Daily Pivot Point R1	158.88
Daily Pivot Point R2	159.41
Daily Pivot Point R3	159.83

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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