EUR/JPY Price Analysis: The next downside target is located at 161.10

EUR/JPY trades in negative territory for the fourth consecutive day around 161.85 in Friday’s early European session.
The cross keeps the bearish vibe unchanged below the key EMA; RSI momentum indicator supports the downside.
The immediate resistance level is seen at 162.30; 161.10 acts as an initial support level.

Lallalit Srijandorn FXStreet

The EUR/JPY cross remains under some selling pressure below the 162.00 psychological barrier during the early European session on Friday. The growing speculation that the Bank of Japan (BoJ) could remove negative interest rates this month lifts the Japanese Yen (JPY) against the Euro (EUR). At press time, EUR/JPY is trading at 161.85, down 0.16% on the day.

From a technical perspective, EUR/JPY maintains a bearish outlook as the cross holds below the 100-period Exponential Moving Averages (EMA) on the four-hour chart. The downward momentum is supported by the Relative Strength Index (RSI), which lies below the 50-midline, indicating the path of least resistance is to the downside.

The immediate resistance level for EUR/JPY is seen at the 100-period EMA around 162.30. The key hurdle will emerge at the 162.95-163.00 region, representing a high of March 6 and a psychological round figure. Further north, the next upside barrier is located at a high of March 4 at 163.50 and the upper boundary of the Bollinger Band at 163.71.

On the downside, the lower limit of the Bollinger Band at 161.10 acts as an initial support level for the cross. The additional downside filter to watch is a low of March 7 at 160.55, followed by a psychological round mark at 160.00.

EUR/JPY four-hour chart

EUR/JPY

Overview
Today last price	161.82
Today Daily Change	-0.28
Today Daily Change %	-0.17
Today daily open	162.1

Trends
Daily SMA20	162.32
Daily SMA50	160.49
Daily SMA100	160.02
Daily SMA200	158.28

Levels
Previous Daily High	162.85
Previous Daily Low	160.56
Previous Weekly High	163.72
Previous Weekly Low	161.68
Previous Monthly High	163.72
Previous Monthly Low	158.08
Daily Fibonacci 38.2%	161.43
Daily Fibonacci 61.8%	161.97
Daily Pivot Point S1	160.82
Daily Pivot Point S2	159.54
Daily Pivot Point S3	158.53
Daily Pivot Point R1	163.12
Daily Pivot Point R2	164.13
Daily Pivot Point R3	165.41

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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