EUR/JPY Price Analysis: Experiences setback but remains bullish as hammer looms
- EUR/JPY faces a slight downturn but manages to stay above the crucial 163.00 level.
- The pair touched a three-day low at 162.15, yet a 'hammer' pattern in today's trading indicates potential buyer intervention around the Tenkan-Sen level of 162.37.
- A move below 163.00 might lead to a further decline towards the day's low of 162.15, potentially extending to the 162.00 level
EUR/JPY registers back-to-back days of losses, down 0.22% in late trading during Friday's North American session, set to remain above the 163.00 figure after reaching a three-day low of 162.15.
Even though the EUR/JPY sees red, today’s price action forming a hammer suggests that buyers stepped in at around the Tenkan-Sen at 162.37. After that, the cross-pair climbed more than 80 pips, opening the door for further upside.
If EUR/JPY climbs above the 164.00 figure, that could open the door to challenge the year-to-date (YTD) high of 164.31, ahead of the 165.00 mark. On the other hand, if sellers step in and pull prices below the 163.00 figure, a dive toward the day’s low of 162.15, is on the cards. Up next, the pair could drop to 162.00, followed by the Senkou Span A at 161.51, ahead of sliding toward the Kijun-Sen at 160.65.
EUR/JPY Price Analysis – Daily Chart
EUR/JPY Technical Levels
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.
