EUR/JPY Price Analysis: Pullbacks from YTD high, on Japanese authorities intervention threats

EUR/JPY retreats from YTD highs following the Japanese Finance Minister’s intervention threats, ending Tuesday’s session down by 0.47%.
The pair maintains its uptrend but struggles to break decisively above the 158.00 mark, raising concerns about further downside potential.
Key supports and resistances lie at 156.52 and 157.99, respectively, with further levels determined by market reactions.

Christian Borjon Valencia FXStreet

EUR/JPY retreats from year-to-date (YTD) highs of 157.99 and falls toward the 157.10s area on the Japanese Minister of Finance’s threats to intervene in the Forex markets. That bolstered the Japanese Yen (JPY); hence, the EUR/JPY finished Tuesday’s session with losses of 0.47%. As Wednesday’s Asian session begins, the EUR/JPY exchanges hands at 157.15, printing minuscule gains of 0.02%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY uptrend remains intact, though the cross-currency pair cannot break above the 158.00 figure decisively. A couple of days ago, the EUR/JPY dipped to 156.67 before re-testing the 158.00 figure, though the pair peaked at around 157.90. After that, the EUR/JPY extended its losses toward the daily low of 157.11 but remained well above the first support level, the 157.00 mark.

If EUR/JPY tumbles below the figure, the next support would be the Tenkan-Sen line at 156.52. A breach of the latter will clear the path toward the confluence of the June 23 daily low and the Senkou Span A at 155.05/154.90, followed by the June 20 daily low of 154.04.

Conversely, if EUR/JPY resumes its uptrend, the first resistance would be the year-to-date (YTD) high of 157.99, followed by the August 2008 swing low turned resistance at 159.21.

EUR/JPY Price Action – Daily chart

EUR/JPY

Overview
Today last price	157.16
Today Daily Change	-0.74
Today Daily Change %	-0.47
Today daily open	157.9

Trends
Daily SMA20	154.22
Daily SMA50	151.08
Daily SMA100	147.59
Daily SMA200	145.29

Levels
Previous Daily High	157.96
Previous Daily Low	157.26
Previous Weekly High	158
Previous Weekly Low	155.75
Previous Monthly High	158
Previous Monthly Low	148.62
Daily Fibonacci 38.2%	157.69
Daily Fibonacci 61.8%	157.53
Daily Pivot Point S1	157.45
Daily Pivot Point S2	157.01
Daily Pivot Point S3	156.76
Daily Pivot Point R1	158.15
Daily Pivot Point R2	158.4
Daily Pivot Point R3	158.85

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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