EUR/JPY Price Analysis: Rallies to a four-day high, above 158.00

EUR/JPY touches a four-day high of 158.26, buoyed by a sharp rally in EUR/USD, before settling around 158.05.
Despite breaching the Ichimoku Cloud, immediate resistances at 158.47 and 158.65 cap further upward momentum.
Potential downside could see the pair target 156.45, with further declines possibly testing the October 3 low of 154.34.

Christian Borjon Valencia FXStreet

EUR/JPY prints solid gains of more than 0.90% on Friday after the EUR/USD rallied sharply towards a daily high of 1.0600, which lifted the cross-currency pair towards a four-day high of 158.26 before reversing toward current exchange rates at around 158.05.

From a technical perspective, the EUR/JPY remains consolidated in the daily chart despite breaking above the Ichimoku Cloud (Kumo), which is usually seen as a bullish signal, but immediate resistance would cap the Euro’s intentions of higher prices. If the pair aims higher, the first resistance is seen at the October 2 high of 158.47, followed by the September 13 daily high of 158.65, before challenging 159.00

On the flip side, if EUR/JPY drops inside the Kumo, it could dive towards the Senkou Span A at 156.45 before challenging the bottom of the Kumo at 156.49. Once those two levels are cleared, the pair could aim towards the October 3 daily/weekly low of 154.34.

EUR/JPY Price Action – Daily chart

EUR/JPY Technical Levels

EUR/JPY

Overview
Today last price	158.04
Today Daily Change	1.58
Today Daily Change %	1.01
Today daily open	156.46

Trends
Daily SMA20	157.51
Daily SMA50	157.74
Daily SMA100	155.73
Daily SMA200	149.77

Levels
Previous Daily High	156.79
Previous Daily Low	156.09
Previous Weekly High	158.34
Previous Weekly Low	156.71
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	156.36
Daily Fibonacci 61.8%	156.52
Daily Pivot Point S1	156.1
Daily Pivot Point S2	155.75
Daily Pivot Point S3	155.41
Daily Pivot Point R1	156.8
Daily Pivot Point R2	157.14
Daily Pivot Point R3	157.5

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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