EUR/JPY Price Analysis: Hits two-day high around the Kumo but remains bearish

EUR/JPY hovers at around 157.30s, after rallying close to 1%, stalls at confluence of resistance levels.
Failure to break above 157.70 would pave the way to re-test 154.00.

Christian Borjon Valencia FXStreet

The EUR/JPY climbs close to 0.90% at the beginning of the week and tests a previous support trendline turned resistance at around the 157.20/30 area. Even though the pair is posting solid gains, it remains downward biased, as price action is below the Ichimoku Cloud (Kumo). That along the Chikou Span crossing below price action and the Tenkan-Sen crossing below the Kijun-Sen cements the bearish bias.

That said, EUR/JPY buyers need to reclaim the confluence of the Tenkan-Sen and the bottom of the Kumo at 157.60, followed by the Senkou Span A at 158.19. Further upside is seen above those two levels, at around the 159.00 figure.

For a bearish resumption, sellers must keep prices from breaching the Kumo. In that outcome, the first support would be the 157.00 mark, followed by the December 11 low of 155.86, followed by the December 8 swing low of 153.86.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	157.34
Today Daily Change	1.28
Today Daily Change %	0.82
Today daily open	156.06

Trends
Daily SMA20	161.33
Daily SMA50	159.78
Daily SMA100	158.71
Daily SMA200	154.01

Levels
Previous Daily High	156.09
Previous Daily Low	153.86
Previous Weekly High	159.84
Previous Weekly Low	153.17
Previous Monthly High	164.31
Previous Monthly Low	159.07
Daily Fibonacci 38.2%	155.24
Daily Fibonacci 61.8%	154.72
Daily Pivot Point S1	154.59
Daily Pivot Point S2	153.11
Daily Pivot Point S3	152.36
Daily Pivot Point R1	156.82
Daily Pivot Point R2	157.57
Daily Pivot Point R3	159.05

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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