EUR/JPY Price Analysis: Further gains could challenge 160.00 near term

EUR/JPY keeps the range bound trade around the 159.00 region.
Extra upside could test the 160.00 region in the short term.

Pablo Piovano FXStreet

EUR/JPY prints decent gains around the 159.00 zone amidst the so far multi-day consolidative mood on Wednesday.

So far, the continuation of the upside momentum appears likely with an immediate target emerging at the round level of 160.00. The breakout of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23)

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 147.16.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	159.11
Today Daily Change	51
Today Daily Change %	0.20
Today daily open	158.8

Trends
Daily SMA20	156.81
Daily SMA50	155.7
Daily SMA100	151.71
Daily SMA200	147.14

Levels
Previous Daily High	159.34
Previous Daily Low	158.54
Previous Weekly High	159.22
Previous Weekly Low	155.81
Previous Monthly High	158.05
Previous Monthly Low	151.41
Daily Fibonacci 38.2%	159.03
Daily Fibonacci 61.8%	158.84
Daily Pivot Point S1	158.45
Daily Pivot Point S2	158.09
Daily Pivot Point S3	157.65
Daily Pivot Point R1	159.25
Daily Pivot Point R2	159.69
Daily Pivot Point R3	160.05

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD edges higher to mid-1.1600s; looks to US PCE Price Index for fresh impetus

The EUR/USD pair attracts some dip-buyers during the Asian session on Friday and recovers a part of the previous day's retracement slide from the 1.1680 region, or the highest level since October 17. Spot prices currently trade around mid-1.1600s and remain on track to register gains for the second straight week.

GBP/USD: Constructive view prevails above 1.3300 ahead of US PCE inflation data

The GBP/USD pair trades on a flat note near 1.3330 during the Asian trading hours on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation report later on Friday. The US delayed Personal Consumption Expenditures Price Index report for September could offer some hints about the US interest rate path.

Gold edges higher amid dovish Fed expectations; traders await US PCE inflation data

Gold struggles to capitalize on the overnight bounce from the $4,175 area, or the vicinity of the weekly trough, and oscillates in a narrow trading range during the Asian session on Friday. Traders now seem reluctant and opt to move to the sidelines ahead of the September Personal Consumption Expenditures Price Index, or the Federal Reserve's preferred inflation gauge.

Pi Network: Bearish streak nears critical support trendline

Pi Network edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges experience a surge in inflows. Technically, the pullback in PI risks further losses, as the Moving Average Convergence Divergence indicator is flashing a sell signal.

Why the Fed may cut rates in December: Understanding the policy shift

The Fed has gone through a noticeable policy swing in recent months - from initiating a rate cut, to signaling a potential pause, and now shifting once again toward another cut in December. This has created understandable confusion among traders and investors trying to interpret the Fed’s reaction function.

XRP edges lower despite record on-chain activity and steady ETF inflows

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.