EUR/JPY Price Analysis: Navigates inside the Ichimoku cloud, consolidates at around 156.50s

EUR/JPY trades cautiously, marking a slight 0.04% dip in the early Asian session, lingering near its Wednesday high within the Ichimoku Cloud.
Key resistance levels to watch include the top of the Kumo at 156.98 and the psychological barrier at 157.00.
Downward movement breaking below the Senkou-Span B at 155.58 could see the pair targeting the October 3 low of 154.34.

Christian Borjon Valencia FXStreet

The EUR/JPY printed modest gains on Wednesday, but it remains trapped inside the Ichimoku Cloud (Kumo), set to remain neutrally biased unless it breaks above/below of the latter. Early in the Asian session, the EUR/JPY is trading at 156.54, down by 0.04%.

From a daily chart perspective, the EUR/JPY is trading near Wednesday’s high at around 156.50s, but to stage a comeback, the cross must break the top of the Kumo at 156.98, immediately followed by 157.00. the next resistance would be October 2, high at 158.47. Conversely, if the pair drops below the Senkou-Span B at 155.58, the path of least resistance would pave the way for further losses, with next support at the October 3 swing low of 154.34.

Short term, the EUR/JPY hourly chart displays the pair consolidating but tilted to the upside after breaking above the Kumo. Next, resistance emerges at the October 4 high at 156.76, followed by the psychological 157.00 figure. Conversely, if the cross-currency pair drops below the confluence of the Tenkan-Sen and Senkou Span A at 156.41, that would pave the way for further losses. The next support would be the Kijun-Sen at 156.29, then 156.00, and then the bottom of the Kumo at 155.80.

EUR/JPY Price Action – Hourly chart

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	156.54
Today Daily Change	0.57
Today Daily Change %	0.37
Today daily open	155.97

Trends
Daily SMA20	157.66
Daily SMA50	157.65
Daily SMA100	155.59
Daily SMA200	149.62

Levels
Previous Daily High	157.36
Previous Daily Low	154.39
Previous Weekly High	158.34
Previous Weekly Low	156.71
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	155.52
Daily Fibonacci 61.8%	156.22
Daily Pivot Point S1	154.45
Daily Pivot Point S2	152.94
Daily Pivot Point S3	151.49
Daily Pivot Point R1	157.42
Daily Pivot Point R2	158.87
Daily Pivot Point R3	160.39

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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