EUR/JPY Price Analysis: Rallies to almost 16-year high, buyers eye 167.00

EUR/JPY surges to levels not seen since August 2008, capitalizing on a broader Yen weakness.
Technical indicators suggest potential for further advances after clearing resistance at 165.30, towards the 169.47 high of August 2008.
Downside risks remain once EUR/JPY retreats below the recent high of 166.22.

Christian Borjon Valencia FXStreet

The Euro rallied to a near 16-year high against the Japanese Yen, hitting levels last seen in August 2008, with the latter remaining the laggard in the FX space. Data from the United States (US) prompted investors to buy the Greenback, which sent USD/JPY to refresh multi-year highs. Therefore, the EUR/JPY followed suit and trades at 166.67, gaining more than 0.20%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY is bullish-biased after consolidating since mid-March below the 165.30s area, previously guarded by March’s 20 high at 165.33. The uptrend resumed toward the 166.00 mark, yet once buyers cleared that hurdle, extending the move to 167.00.

Nevertheless, the EUR/JPY has retreated as buyers take a breather. The momentum its on their side, as shown by the Relative Strength Index (RSI) standing at 68.80, shy of signaling the pair is overbought.

If buyers clear 167.00, that will exacerbate a rally to challenge August’s 2008 monthly high at 169.47, ahead of the psychological 170.00 barrier.

On the other hand, if sellers drag the exchange rate below 166.22 April 24 daily high, that could open the door to sliding toward the March 20 high of 165.33. Subsequent losses beyond this support target the confluence of the Tenkan and Kijun-Sen at 164.83/64.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	166.71
Today Daily Change	0.51
Today Daily Change %	0.31
Today daily open	166.2

Trends
Daily SMA20	164.31
Daily SMA50	163.35
Daily SMA100	160.95
Daily SMA200	159.84

Levels
Previous Daily High	166.23
Previous Daily Low	165.4
Previous Weekly High	165.03
Previous Weekly Low	162.67
Previous Monthly High	165.36
Previous Monthly Low	160.22
Daily Fibonacci 38.2%	165.91
Daily Fibonacci 61.8%	165.72
Daily Pivot Point S1	165.65
Daily Pivot Point S2	165.11
Daily Pivot Point S3	164.82
Daily Pivot Point R1	166.49
Daily Pivot Point R2	166.78
Daily Pivot Point R3	167.32

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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