EUR/JPY Price Analysis: Holds steady above 160.00, as bull target 161.00

EUR/JPY advance is tempered by proximity to the year-to-date high of 160.84, with a break above potentially signaling further gains.
The threat of Japanese intervention has receded, providing room for the pair's upward trajectory.
Key support levels to watch include the Tenkan-Sen at 159.26 and a stronger confluence of support around 157.59/69.

Christian Borjon Valencia FXStreet

The EUR/JPY extends its gains to two straight days, remaining above the 160.00 figure ahead of the weekend, amid an upbeat market sentiment. Economic data shows hiring is slowing down, as the US Nonfarm Payrolls for October missed forecasts, spurring a risk-on mood in the financial markets. At the time of writing, the cross-pair exchanges hands at 160.25, gains 0.29%.

Even though the pair is trading near cycle highs, it remains shy of climbing past the year-to-date (YTD) high at 160.84, which, once cleared, could open the door for further upside. In that case, a pullback could justify long traders, as Japanese intervention threats, calmed. A breach of the latter would expose the 161.00 handle.

Contrarily, if EUR/JPY drops below the Tenkan-Sen at 159.26, the trend would be skewed to the downside. Next support would emerge at the confluence of the October 30 low and the Tenkan-Sen at around 157.59/69, followed by the bottom of the Ichimoku Cloud at 155.55.

EUR/JPY Price Chart – Daily

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	160.27
Today Daily Change	0.47
Today Daily Change %	0.29
Today daily open	159.8

Trends
Daily SMA20	158.47
Daily SMA50	158.05
Daily SMA100	157.4
Daily SMA200	151.58

Levels
Previous Daily High	160.08
Previous Daily Low	159.07
Previous Weekly High	159.92
Previous Weekly Low	157.88
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	159.7
Daily Fibonacci 61.8%	159.46
Daily Pivot Point S1	159.22
Daily Pivot Point S2	158.64
Daily Pivot Point S3	158.21
Daily Pivot Point R1	160.24
Daily Pivot Point R2	160.67
Daily Pivot Point R3	161.25

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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