EUR/JPY Price Analysis: Turns bullish with buyers eyeing 160.00

EUR/JPY's rise above Ichimoku Cloud indicates a bullish shift, with a focus on overcoming the 160.00 barrier.
Next resistance targets include January 11 high at 160.18 and November 21 low at 161.25.
Downside risk persists if EUR/JPY fails to breach 160.00, opens the door to challenge key support levels at 158.71, 158.12 and 157.57.

Christian Borjon Valencia FXStreet

The EUR/JPY rose above the Ichimoku Cloud (Kumo), turned bullish on Monday, and gained some 0.63% after hitting a daily low of 158.58. As the Asian session begins, the pair trades at 159.58 is virtually unchanged, loses 0.02%.

The daily chart depicts the cross-pair is bullish and would face stir resistance at around the 160.00 figure. A breach of the latter would expose the January 11 high of 160.18, followed by the November 21 daily low turned resistance at around 161.25.

On the other hand, if sellers stepped in and kept the EUR/JPY exchange rate below 160.00, that could pave the way for further losses. The first support would be the Senkou Span B at 158.71, followed by the Tenkan-Sen at 158.12. Further downside is seen at the Senkou Span A at 157.57.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	159.6
Today Daily Change	0.92
Today Daily Change %	0.58
Today daily open	158.68

Trends
Daily SMA20	157.32
Daily SMA50	159.21
Daily SMA100	158.65
Daily SMA200	155.75

Levels
Previous Daily High	159.8
Previous Daily Low	158.54
Previous Weekly High	160.18
Previous Weekly Low	157.21
Previous Monthly High	161.78
Previous Monthly Low	153.17
Daily Fibonacci 38.2%	159.02
Daily Fibonacci 61.8%	159.32
Daily Pivot Point S1	158.22
Daily Pivot Point S2	157.75
Daily Pivot Point S3	156.96
Daily Pivot Point R1	159.47
Daily Pivot Point R2	160.26
Daily Pivot Point R3	160.73

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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