EUR/JPY Price Analysis: Slips below 169.00 amid political turmoil

EUR/JPY trades at 168.43, marking the second consecutive day of losses due to political uncertainty in France.
Technical outlook: Consolidation below 170.00 with potential further losses if price drops below the 50-DMA at 167.47.
Key support levels: Kumo bottom at 165.92 and 100-DMA at 164.78, indicating acceleration of the downtrend if breached.

Christian Borjon Valencia FXStreet

The Euro tumbled for the second straight day against the Japanese Yen due to political uncertainty. France's presidential approvals plunged to their lowest level in five years ahead of the General Elections. The EUR/JPY trades at 168.43, down 0.08%.

EUR/JPY Price Analysis: Technical outlook

After peaking around 170.00, EUR/JPY has consolidated below this level but remains above the Ichimoku Cloud (Kumo), which would accelerate the downtrend if breached.

The Relative Strength Index (RSI) indicates that sellers are gaining momentum as it falls below the 50-line, suggesting that EUR/JPY could face further losses.

If EUR/JPY drops below the 50-day moving average (DMA) of 167.47, it could trigger a decline into the Kumo, signaling an 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	168.48
Today Daily Change	-0.13
Today Daily Change %	-0.08
Today daily open	168.61

Trends
Daily SMA20	169.64
Daily SMA50	167.51
Daily SMA100	164.81
Daily SMA200	161.84

Levels
Previous Daily High	170.14
Previous Daily Low	168.28
Previous Weekly High	170.89
Previous Weekly Low	168.01
Previous Monthly High	170.8
Previous Monthly Low	164.02
Daily Fibonacci 38.2%	168.99
Daily Fibonacci 61.8%	169.43
Daily Pivot Point S1	167.88
Daily Pivot Point S2	167.15
Daily Pivot Point S3	166.03
Daily Pivot Point R1	169.74
Daily Pivot Point R2	170.86
Daily Pivot Point R3	171.59

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.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.