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EUR/JPY Price Analysis: Slumps and breaks key support, sellers’ eye 161.00

EUR/JPY falls 0.80% to 162.00, reacting to BoJ's hawkish comments and soft EU inflation data.
Technical analysis indicates crucial support and resistance levels, highlighting immediate market sensitivities.
Further decline eyed with key supports at 161.75 and 161.00, unless buyers reclaim higher resistance points.

The EUR/JPY snaps two days of gains and drops on Thursday, following hawkish remarks by a Bank of Japan (BoJ) official. That and soft inflation data from countries in the Eurozone (EU) area are driving the cross-pair price action ahead of the Wall Street close. At the time of writing, the pair exchanged hands at 162.00, down 0.80%.

EUR/JPY Price Analysis: Technical outlook

The pair fell below 162.59, the Tenkan-Sen level, and slumped below the 162.00 figure, hitting a daily low of 161.68. However, the EUR/JPY recovered and reclaimed 162.00, though downside risks remain. If sellers achieve a daily close below 162.00, further weakness lies ahead. The next support would be the Senkou Span A at 161.75, followed by the 161.00 mark, and the Kijun Sen at 160.90.

Conversely, if buyers stepped in, stir resistance lies at 164.00, but firstly, they need to conquer the Tenkan-Sen at 162.59 before the 163.00 mark.

EUR/JPY Price Action – Daily Chart

EUR/JPY TECHNICAL LEVELS

Overview
Today last price	162.01
Today Daily Change	-1.31
Today Daily Change %	-0.80
Today daily open	163.32

Trends
Daily SMA20	161.45
Daily SMA50	159.8
Daily SMA100	159.74
Daily SMA200	157.9

Levels
Previous Daily High	163.41
Previous Daily Low	162.76
Previous Weekly High	163.47
Previous Weekly Low	161.48
Previous Monthly High	161.87
Previous Monthly Low	155.07
Daily Fibonacci 38.2%	163.16
Daily Fibonacci 61.8%	163.01
Daily Pivot Point S1	162.91
Daily Pivot Point S2	162.51
Daily Pivot Point S3	162.26
Daily Pivot Point R1	163.57
Daily Pivot Point R2	163.81
Daily Pivot Point R3	164.22

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.

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