EUR/JPY Price Analysis: Eyes 158.00 as a hammer emerges, suggesting upside expected

EUR/JPY trades at 157.85, up 0.19%, as it hovers above the Ichimoku Cloud, indicating a neutral to bullish outlook.
First resistance for buyers lies at the Kijun-Sen level of 158.05; breaching this could target year-to-date high at 159.76.
Immediate support found at September 11 daily low of 156.58; breaking this could see the pair slide toward 155.58.

Christian Borjon Valencia FXStreet

The Euro (EUR) advances against the Japanese Yen (JPY) for the second straight day after forming a hammer, which suggests the cross-currency pair could be headed for higher prices. As the North American session winds down, the EUR/JPY is trading at 157.85, gaining 0.19% at the time of writing.

EUR/JPY Price Analysis: Technical outlook

After peaking at around 158.15, the EUR/JPY remains neutral to a downward bias despite trading above the Ichimoku Cloud (Kumo). As the pair continued to print successive series of lower highs and lows, today’s upward correction is being capped by the Kijun-Sen at 158.05, seen as the first resistance for buyers if they would like to retest yearly highs. A breach of the latter would expose 159.00, followed by the year-to-date (YTD) high at 159.76.

Conversely, the EUR/JPY first support would be the September 11 daily low of 156.58, which, once cleared, the pair would dive towards the Senkou Span B at 155.58. In the scenario of sliding below that level, the top of the Kumo will emerge as the next support at 154.70.

EUR/JPY Price Action – Daily chart

EUR/JPY

Overview
Today last price	157.86
Today Daily Change	0.40
Today Daily Change %	0.25
Today daily open	157.46

Trends
Daily SMA20	158.29
Daily SMA50	157.14
Daily SMA100	154.11
Daily SMA200	148.47

Levels
Previous Daily High	158.23
Previous Daily Low	156.58
Previous Weekly High	158.52
Previous Weekly Low	157
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	157.21
Daily Fibonacci 61.8%	157.6
Daily Pivot Point S1	156.62
Daily Pivot Point S2	155.78
Daily Pivot Point S3	154.98
Daily Pivot Point R1	158.26
Daily Pivot Point R2	159.07
Daily Pivot Point R3	159.91

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.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.