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.
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
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.
