EUR/JPY Price Analysis: Bearish harami pattern looms below 158.00

EUR/JPY trades down 0.16%, maintaining its downward bias.
The bearish sentiment persists as price action drops below Ichimoku Cloud, and the Tenkan-Sen crosses below the Kijun-Sen.
A less probable bullish scenario requires EUR/JPY to rally past a five-month-old resistance trendline at around 157.35/45.

Christian Borjon Valencia FXStreet

The EUR/JPY is set to finish Tuesday’s session on a lower note, cementing its bearish bias ahead of major central banks' monetary policy decisions, including the European Central Bank (ECB). At the time of writing, the pair is trading at 157.04, down 0.16%.

The daily chart portrays the pair as downward biased due to price action falling below the Ichimoku Cloud and crossing the Tenkan-Sen below the Kijun-Sen. For a bearish resumption to continue, bears need to step and push prices below the December 11 daily low of 155.86. Once cleared, the next support would be the December 8 low of 153.86, ahead of the December 7 swing low of 153.11

On the flip side, and the least probable scenario if EUR/JPY rallies past a five-month-old resistance trendline at around 157.35/45, the first resistance would be the Tenkan-Sen at 157.44. Once cleared, the next stop would be the Senkou Span A at 158.07, followed by the Kijun-Sen at 158.71.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical outlook

EUR/JPY

Overview
Today last price	157.03
Today Daily Change	-0.36
Today Daily Change %	-0.23
Today daily open	157.39

Trends
Daily SMA20	161.08
Daily SMA50	159.79
Daily SMA100	158.72
Daily SMA200	154.07

Levels
Previous Daily High	157.69
Previous Daily Low	155.6
Previous Weekly High	159.84
Previous Weekly Low	153.17
Previous Monthly High	164.31
Previous Monthly Low	159.07
Daily Fibonacci 38.2%	156.89
Daily Fibonacci 61.8%	156.4
Daily Pivot Point S1	156.1
Daily Pivot Point S2	154.81
Daily Pivot Point S3	154.01
Daily Pivot Point R1	158.18
Daily Pivot Point R2	158.98
Daily Pivot Point R3	160.27

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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