EUR/JPY Price Analysis: Soars to new 15-year high, above 160.00

EUR/JPY reached a new YTD high of 160.85, closing Tuesday's session with gains of over 1.32%.
The uptrend remains intact, with the potential to test multi-year high of 169.97.
Key resistance levels include the April 2008 high at 164.97 and the 2008 highs.
On the downside, support levels are at 160.00, followed by the Tenkan-Sen at 159.27 and the 159.00 mark.

Christian Borjon Valencia FXStreet

EUR/JPY rallies to a new year-to-date (YTD) high of 160.85, closing Tuesday’s session with gains of more than 1.32% or 200 pips post the Bank of Japan’s (BoJ) decision to keep its ultra-loose monetary policy. As Wednesday’s Asian session begins, the cross-currency pair trades at 160.35, almost unchanged.

With price action finally breaking the top of the range, the EUR/JPY uptrend remains intact, and it could be testing 13-year highs of 169.97, but buyers must face solid resistance levels ahead. The next resistance level would be the April 2008 high at 164.97 before rallying towards the 2008 highs.

Conversely, the EUR/JPY first support would be the 160.00 mark. Once cleared, the next support would be the Tenkan-Sen at 159.27, followed by the 159.00 mark. If sellers push prices lower, the next support would be the Senkou Span A at 158.43 before tripping towards 158.00.

EUR/JPY Price Action – Daily chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	160.38
Today Daily Change	2.24
Today Daily Change %	1.42
Today daily open	158.14

Trends
Daily SMA20	157.94
Daily SMA50	157.92
Daily SMA100	157.17
Daily SMA200	151.3

Levels
Previous Daily High	158.93
Previous Daily Low	157.7
Previous Weekly High	159.92
Previous Weekly Low	157.88
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	158.46
Daily Fibonacci 61.8%	158.17
Daily Pivot Point S1	157.58
Daily Pivot Point S2	157.03
Daily Pivot Point S3	156.36
Daily Pivot Point R1	158.82
Daily Pivot Point R2	159.49
Daily Pivot Point R3	160.04

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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