EUR/JPY Price Analysis: Shy of hitting YTD high above 161.00 as doji looms

EUR/JPY hits year-to-date high, buoyed by positive sentiment and BoJ dovish comments.
Above 161.00, eyes on 162.00 resistance; below 160.27 swing low may test 160.00 support.
Technical analysis hints at pullback, with critical supports at 160.00, today’s low 160.77, and pivot 160.46

Christian Borjon Valencia FXStreet

The EUR/JPY pierces the 161.00 figure and hits a two-week high of 161.26, courtesy of a risk-on impulse and “dovish” comments by a Bank of Japan (BoJ) member. At the time of writing, the pair hovers around 161.00, clocking minimal 0.05% gains.

The daily chart portrays the EUR/JPY pair is upward biased. Still, Friday’s price action is shaping a doji, which indicates neither buyer's nor sellers' commitment to their positions. With that said, if buyers reclaim 161.00, look for an upside move to 162.00. On the flip side, if sellers step in and clear the February 5 swing low of 160.27, that could pave the way to challenge 160.00.

EUR/JPY Price Action – Daily Chart

In the short term, the divergence between EUR/JPY price action and Relative Strength Index (RSI) studies could open the door for a pullback. The first support is seen at 160.00 the confluence of the Tenkan and Kijun-Sen, followed by today’s low of 160.77, followed by the daily pivot at 160.46.

EUR/JPY Price Action – Hourly Chart

EUR/JPY TECHNICAL LEVELS

Overview
Today last price	161.02
Today Daily Change	0.09
Today Daily Change %	0.06
Today daily open	160.93

Trends
Daily SMA20	160.15
Daily SMA50	158.4
Daily SMA100	159.07
Daily SMA200	156.95

Levels
Previous Daily High	161
Previous Daily Low	159.47
Previous Weekly High	160.84
Previous Weekly Low	158.08
Previous Monthly High	161.87
Previous Monthly Low	155.07
Daily Fibonacci 38.2%	160.41
Daily Fibonacci 61.8%	160.05
Daily Pivot Point S1	159.93
Daily Pivot Point S2	158.94
Daily Pivot Point S3	158.4
Daily Pivot Point R1	161.46
Daily Pivot Point R2	161.99
Daily Pivot Point R3	162.99

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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