EUR/JPY Price Analysis: Faces downward pressure, eyes on key support level

EUR/JPY marks third consecutive day of losses, trading near 162.70 with eyes set on crucial 162.00 support level.
Technical analysis shows potential for rebound towards 163.00 if it breaches the Tenkan-Sen level, with higher resistance in sight.
Sellers aiming below 162.50 could see the pair targeting 162.00 support, with further downside risks to February lows.

Christian Borjon Valencia FXStreet

The EUR/JPY drops for the third straight day as Thursday’s Asian session begins, following Wednesday’s losses of 0.07%. At the time of writing, the cross-pair trades at 162.70, down 0.05%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY has printed a new two-day low at 162.21, but it failed to close below the March 4 swing low of 162.53, which could open the door to challenge the 162.00 figure. After bouncing off the weekly lows, the pair hovers around the Tenkan-Sen level at 162.70. A decisive breach could open the door to test the 163.00 mark, followed by the November 27 high at 163.72, followed by the 164.00 figure.

On the other hand, if sellers push the exchange rate below 162.50, they could drag the spot price toward 162.00. Once cleared, the next support would be the February 29 low of 161.68, followed by the Kijun-Sen at 160.90.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	162.75
Today Daily Change	-0.03
Today Daily Change %	-0.02
Today daily open	162.78

Trends
Daily SMA20	162.1
Daily SMA50	160.27
Daily SMA100	159.94
Daily SMA200	158.15

Levels
Previous Daily High	163.43
Previous Daily Low	162.61
Previous Weekly High	163.72
Previous Weekly Low	161.68
Previous Monthly High	163.72
Previous Monthly Low	158.08
Daily Fibonacci 38.2%	162.92
Daily Fibonacci 61.8%	163.12
Daily Pivot Point S1	162.45
Daily Pivot Point S2	162.12
Daily Pivot Point S3	161.62
Daily Pivot Point R1	163.27
Daily Pivot Point R2	163.76
Daily Pivot Point R3	164.1

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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