EUR/JPY Price Analysis: Gains momentum, eyes key resistance levels on risk-on mood

EUR/JPY advances for the second consecutive day, trading around 162.27, reflecting a 0.25% rise amid a favorable risk-on market environment.
The pair shows an upward bias on the daily chart, with a significant resistance level at the August 2008 high of 165.60.
On the downside, initial support is identified at the Tenkan-Sen level of 160.72, followed by the Senkou Span A at 160.07 and the Kijun-Sen at 159.44.

Christian Borjon Valencia FXStreet

EUR/JPY continues to advance for the second straight day, gaining traction toward 162.50 in late trading during the North American session, amid a risk-on impulse and despite Japanese authorities' intervention threats. At the time of writing, the EUR/JPY is exchanging hands at 162.27 up 0.25%.

From a daily chart perspective, the EUR/JPY remains upward biased, with the next resistance level emerging at around the August 2008 high of 165.60. A breach of the latter would expose the July 2008 high of 169.97, ahead of challenging the 170.00.

On the opposite flip side, the EUR/JPY first support would be the Tenkan-Sen level at 160.72 before challenging the Senkou Span A at 160.07 and the Kijun-Sen at 159.44.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	162.27
Today Daily Change	0.35
Today Daily Change %	0.22
Today daily open	161.92

Trends
Daily SMA20	159.52
Daily SMA50	158.38
Daily SMA100	157.73
Daily SMA200	152.17

Levels
Previous Daily High	161.95
Previous Daily Low	161.36
Previous Weekly High	161.95
Previous Weekly Low	160.15
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	161.72
Daily Fibonacci 61.8%	161.58
Daily Pivot Point S1	161.53
Daily Pivot Point S2	161.15
Daily Pivot Point S3	160.94
Daily Pivot Point R1	162.12
Daily Pivot Point R2	162.33
Daily Pivot Point R3	162.71

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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