EUR/JPY Price Analysis: Seems to peak around 170.00, bears eye further downside

EUR/JPY buying pressure fades after consolidating around 168-170 for almost one month.
Momentum supports sellers, with potential targets seen at 167.47 and 165.92.
Upside is limited, yet a breach of 170.00, could pave the way to test the year-to-date (YTD) high of 171.58.

Christian Borjon Valencia FXStreet

The EUR/JPY seesawed within a 180-pip range on Thursday yet is posting losses of 0.45% after hitting a daily high of 170.13. At the time of writing, the pair exchanged hands at 168.60, below its opening price.

EUR/JPY Price Analysis: Technical outlook

After peaking at around 170.00, the EUR/JPY has consolidated below the latter, yet it cannot drop below the Ichimoku Cloud (Kumo), which would accelerate the downtrend.

The Relative Strength Index (RSI) shows sellers gather momentum after the RSI punches below the 50-line. This suggests the EUR/JPY would be subject to further losses.

If EUR/JPY falls below the 50-day moving average (DMA) of 167.47, that could exacerbate a dip inside the Kumo, an indication of the acceleration of the downtrend. The next support would be the bottom of the Kumo at 165.92, followed by the 100-DMA at 164.78.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	168.7
Today Daily Change	-0.70
Today Daily Change %	-0.41
Today daily open	169.4

Trends
Daily SMA20	169.65
Daily SMA50	167.42
Daily SMA100	164.72
Daily SMA200	161.78

Levels
Previous Daily High	169.59
Previous Daily Low	168.66
Previous Weekly High	170.89
Previous Weekly Low	168.01
Previous Monthly High	170.8
Previous Monthly Low	164.02
Daily Fibonacci 38.2%	169.23
Daily Fibonacci 61.8%	169.02
Daily Pivot Point S1	168.85
Daily Pivot Point S2	168.29
Daily Pivot Point S3	167.92
Daily Pivot Point R1	169.77
Daily Pivot Point R2	170.14
Daily Pivot Point R3	170.7

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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