EUR/JPY Price Analysis: Buyers loom around 160.00, target 161.00
|- EUR/JPY climbs in North American session, gaining 0.22% and trading at 159.86.
- Buyers aim for a daily close above latest cycle high at 159.91 to open the door for further upside.
- If EUR/JPY prints a daily close below 159.91, potential reversal could see first support at Tenkan-Sen at 159.27.
The EUR/JPY climbs late in the North American session, with the cross recovering from a 78 pip fall on Wednesday, courtesy of risk-off impulse. On Thursday, the story is different, as the pair gains 0.22% and trades at 159.86 after bouncing off a daily low of 159.06.
After reaching a new YTD high, the EUR/JPY uptrend remains intact, though at the brisk of reversing as buyers must achieve a daily close above the latest cycle high seen at 159.91, which, once cleared, could open the door for further upside. Up next would be the 160.00 mark, followed by the November 1 high at 160.43 before challenging the current YTD high at 160.84. A breach of the latter will expose the 161.00 mark.
On the other hand, if EUR/JPY prints a daily close below 159.91, that could open the door for a reversal. First support would emerge at the Tenkan-Sen at 159.27 before the pair dives to 159.00. The next support would emerge at the Senkou Span A level at 158.43 before the cross aims to the 158.00 mark
EUR/JPY Price Action – Daily chart
EUR/JPY Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.