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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

EUR/JPY

Overview
Today last price160.07
Today Daily Change0.99
Today Daily Change %0.62
Today daily open159.08
 
Trends
Daily SMA20159.86
Daily SMA50158.64
Daily SMA100158.97
Daily SMA200156.69
 
Levels
Previous Daily High159.2
Previous Daily Low158.08
Previous Weekly High161.72
Previous Weekly Low159.7
Previous Monthly High161.87
Previous Monthly Low155.07
Daily Fibonacci 38.2%158.77
Daily Fibonacci 61.8%158.51
Daily Pivot Point S1158.38
Daily Pivot Point S2157.67
Daily Pivot Point S3157.26
Daily Pivot Point R1159.49
Daily Pivot Point R2159.9
Daily Pivot Point R3160.61

Author

Christian Borjon Valencia

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.

More from Christian Borjon Valencia
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