EUR/JPY Price Analysis: Retreats from two-week high, back below 163.00

EUR/JPY buying momentum wanes after bulls struggle to crack the 164.00 figure.
Key support is seen at the Tenkan-Sen, with sellers eyeing a drop to 162.00 below the latter.
If buyers reclaim 163.00, the EUR/JPY could remain sideways, ahead of climbing to 164.00.

Christian Borjon Valencia FXStreet

EUR/JPY rally showed some weakness on Monday, with the pair witnessing a two-week high of 163.72, but buying pressure fades as the cross retreats below the 163.00 figure toward the 162.00 handle. At the time of writing, the EUR/JPY pair exchanges hands at 162.73, down by 0.40%.

The EUR/JPY is testing the Tenkan-Sen support level at 162.77 after reaching a two-week high of 163.72, suggesting the pair began the week with a negative tone. If JPY buyers drag the pair below the Tenkan-Sen, bears will gather momentum, driving the exchange rates toward the 162.00 figure. Further downside risks emerge below that level, with the November 21 swing low at 161.24, followed by the Kijun-Sen at 161.88.

For a bullish resumption, EUR/JPY buyers must reclaim the 163.00 figure, which could put into play a test of 163.72, followed by the 164.00 mark. A breach of the latter would expose the November 16 high at 164.31 before climbing to 165.00.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	162.82
Today Daily Change	-0.77
Today Daily Change %	-0.47
Today daily open	163.59

Trends
Daily SMA20	161.77
Daily SMA50	159.41
Daily SMA100	158.31
Daily SMA200	153.23

Levels
Previous Daily High	163.66
Previous Daily Low	162.68
Previous Weekly High	163.66
Previous Weekly Low	161.25
Previous Monthly High	160.85
Previous Monthly Low	154.39
Daily Fibonacci 38.2%	163.28
Daily Fibonacci 61.8%	163.05
Daily Pivot Point S1	162.96
Daily Pivot Point S2	162.33
Daily Pivot Point S3	161.98
Daily Pivot Point R1	163.94
Daily Pivot Point R2	164.28
Daily Pivot Point R3	164.91

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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