EUR/JPY Price Analysis: Faces support at around 157.00, as bearish outlook weigh on the cross

EUR/JPY retreats from last week’s high of 158.47, with fears of intervention looming.
The daily chart depicts a neutral bias for the pair, with potential downside exposure to 156.00 and 155.49 if it breaches the Kumo at around 157.00.
Bearish outlook in the hourly chart suggests a potential mean reversion move towards 157.30 before resuming its downtrend towards the 156.00 figure.

Christian Borjon Valencia FXStreet

The EUR/JPY retreated from last week’s high of around 158.47 amid fears of an intervention by Japanese authorities, dropped 0.54% on Monday, and reached the top of the Ichimoku Cloud (Kumo) at around the current exchange rate. The cross is trading at 157.02 as the Asian session begins.

The daily chart portrays the pair as neutral biased, capped on the downside by the Kumo at around 157.00. A breach of the latter will expose 156.00, followed by the bottom of the Kumo at around 155.49. Conversely, if EUR/JPY reclaims the Tenkan-Sen at 157.59, that could pave the way to test the Senkou-Span A line at 157.88. Up next would be 158.00.

The EUR/JPY is bearish on the hourly chart, with the cross exchanging hands below the Kumo, while the Tenkan-Sen sits below the Kijun-Sen. However, as price action seems overextended, the pair is subject to a mean reversion move towards the Tenkan-Sen at 157.30 before resuming its downtrend towards the September 28 low of 156.70, followed by the 156.00 figure.

EUR/JPY Price Action – Hourly chart

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	157.05
Today Daily Change	-0.94
Today Daily Change %	-0.59
Today daily open	157.99

Trends
Daily SMA20	157.83
Daily SMA50	157.63
Daily SMA100	155.42
Daily SMA200	149.48

Levels
Previous Daily High	158.34
Previous Daily Low	157.4
Previous Weekly High	158.34
Previous Weekly Low	156.71
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	157.98
Daily Fibonacci 61.8%	157.76
Daily Pivot Point S1	157.48
Daily Pivot Point S2	156.97
Daily Pivot Point S3	156.54
Daily Pivot Point R1	158.42
Daily Pivot Point R2	158.85
Daily Pivot Point R3	159.36

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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