EUR/JPY Price Analysis: Stagnates near 158.50/159.00 in absence of market drivers

EUR/JPY extended its losses for two consecutive days, hitting an average daily range of 43 pips.
Key resistance levels include the 159.00 mark and the October 24 daily high of 159.91.
On the downside, support is found at the Tenkan-Sen level at 158.45, followed by the top of the Kumo at 157.90/80.

Christian Borjon Valencia FXStreet

EUR/JPY extended its losses for two straight days on Wednesday, capped by the Tenkan-Sen level at 158.45, which, acting as support, halted the pair losses. Volatility in the asset was drained as the cross-pair hit an average daily range (ADR) of 43 pips. Therefore, the EUR/JPY could remain sideways, trading at 158.66 as the Asian session begins.

The lack of direction keeps the EUR/JPY pair range-bound, though slightly tilted to the upside. That is because price action is above the Ichimoku Cloud (Kumo). Hence, the first resistance would be the 159.00 mark, followed by the October 24 daily high at 159.91. A breach of the latter, and the pair might trade above 160.00.

On the other hand, the EUR/JPY first support would be the Tenkan-Sen at 158.45. If sellers manage to hurdle that level, the next floor would be the top of the Kumo at 157.90/80, followed by the Kijun-Sen at 157.13. A breakout of that price level and the bottom of the Kumo would be next at 155.60.

EUR/JPY Price Action – Daily chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	158.68
Today Daily Change	-0.09
Today Daily Change %	-0.06
Today daily open	158.77

Trends
Daily SMA20	157.76
Daily SMA50	157.96
Daily SMA100	156.83
Daily SMA200	150.94

Levels
Previous Daily High	159.92
Previous Daily Low	158.54
Previous Weekly High	158.93
Previous Weekly Low	157.06
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	159.06
Daily Fibonacci 61.8%	159.39
Daily Pivot Point S1	158.23
Daily Pivot Point S2	157.69
Daily Pivot Point S3	156.85
Daily Pivot Point R1	159.61
Daily Pivot Point R2	160.46
Daily Pivot Point R3	161

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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