EUR/JPY Price Analysis: Experiences minor pullback below 156.00, but uptrend remains in play


  • EUR/JPY registers losses below the 156.00 area due to mixed market sentiment, but the overall uptrend remains.
  • The bearish-harami candlestick pattern suggests a potential pullback while maintaining the upward bias.
  • EUR/JPY’s key support levels are the Tenkan-Sen line at 155.26, the Senkou Span A at 155.01, and the Kijun-Sen levels at 154.76.
  • For buyers to regain control, EUR/JPY must not achieve a daily close below 156.00. Resistance levels lie at the July 19 high of 157.20, and (YTD) high at 157.99.

Late in the North American session, the EUR/JPY registered losses below the 156.00 area amid a mixed market sentiment triggered by upbeat US economic data, underpinning safe-haven currencies in the FX space. At the time of writing, the EUR/JPY exchanges hand at 155.99, after hitting a daily high of 156.62.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY uptrend remains in play, but today’s price action, coupled with Wednesday, is forming a two-candlestick chart pattern called ‘bearish-harami,’ which suggests the EUR/JPY could be ready for a pullback while maintaining its upward bias.

It should be said that on the EUR/JPY way down, the Tenkan-Sen would be the first support at 155.26. A breach of the latter will expose the Senkou Span A at 155.01, followed by the Kijun-Sen levels emerging at 154.76.

On the flip side, for EUR/JPY buyers to regain control, they must keep prices from achieving a daily close below 156.00. Once done, buyers could remain hopeful for higher prices, with the first resistance being the July 19 high at 157.20, followed by the year-to-date (YTD) high at 157.99.

EUR/JPY Price Action – Daily chart

EUR/JPY Daily chart

EUR/JPY

Overview
Today last price 156
Today Daily Change -0.37
Today Daily Change % -0.24
Today daily open 156.37
 
Trends
Daily SMA20 156.41
Daily SMA50 152.81
Daily SMA100 149.06
Daily SMA200 146.13
 
Levels
Previous Daily High 157.21
Previous Daily Low 155.84
Previous Weekly High 156.67
Previous Weekly Low 153.43
Previous Monthly High 158
Previous Monthly Low 148.62
Daily Fibonacci 38.2% 156.68
Daily Fibonacci 61.8% 156.36
Daily Pivot Point S1 155.74
Daily Pivot Point S2 155.11
Daily Pivot Point S3 154.38
Daily Pivot Point R1 157.1
Daily Pivot Point R2 157.84
Daily Pivot Point R3 158.46

 

 

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