EUR/JPY Price Analysis: Reclaims 160.00 amid upbeat sentiment
- EUR/JPY rises to 160.07 amid risk-on mood, US equity gains, surpassing key 160.00 mark.
- Technical outlook hints at further rise, aiming for January 19 high at 161.81, with 162.00 as next goal.
- Falling below 160.00 may lead to support retest at Tenkan-Sen, Kijun-Sen, suggesting Ichimoku Cloud consolidation.
The EUR/JPY edged higher late during Friday’s North American session, with buyers reclaiming the 160.00 figure on a risk-on impulse, as US equities traded with solid gains. At the time of writing the cross-pair exchanges hands at 160.07
After dipping inside the Ichimoku Cloud (Kumo) and hitting a weekly low of 158.08, the EUR/JPY recovered ground and regained key resistance levels, with buyers clearing the Tenkan-Sen at 159.83, which opened the door toward the 160.00 mark. If buyers achieve a daily close above, that could open the door to challenge the next cycle high at 161.81, the January 19 high. Further upside is seen at 162.00.
Failure at 160.00 could motivate sellers to drive prices inside the Kumo towards the first support level seen at the Tenkan-Sen, followed by the 159.00 figure, ahead of challenging Kijun-Sen at 158.47.
EUR/JPY Price Action – Daily Chart
EUR/JPY Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
