EUR/JPY Price Analysis: Slips below 161.00 on BoJ’s hike speculation

EUR/JPY falls to 160.86, reacting to rumors of Bank of Japan possibly ending negative interest rates.
Technical analysis indicates potential for further pullback if pair closes below the 161.31 Kijun-Sen level.
Recovery above 161.00 could signal a rebound towards the 162.00 mark, with eyes on the March 7 high.

Christian Borjon Valencia FXStreet

The EUR/JPY dives for the second consecutive day, losing 0.64% in early trading during the North American session. Rumors that the Bank of Japan (BoJ) could end negative rates are growing, hence sponsoring a leg-up in the Japanese Yen (JPY) against most G7 currencies. At the time of writing, the pair exchanges hands at 160.86.

EUR/JPY Price Analysis: Technical outlook

Despite posting a three-week low, the EUR/JPY is slightly tilted to the upside. Nevertheless, if sellers achieve a daily close below the Kijun-Sen at 161.31, that could pave the way for a deeper pullback. The next support would be the 160.00 psychological figures, followed by the Senkou Span B at 159.39 and the top of the Ichimoku Cloud (Kumo) at around 159.00/15.

On the other hand, if buyers lift the exchange rate above 161.00 and reclaim the Kijun-Sen, a leg-up toward 162.00 is on the cards. Once cleared, look for a test of the March 7 high at 162.81.

EUR/JPY Price Action – Daily Chart

EUR/JPY

Overview
Today last price	160.91
Today Daily Change	-1.19
Today Daily Change %	-0.73
Today daily open	162.1

Trends
Daily SMA20	162.32
Daily SMA50	160.49
Daily SMA100	160.02
Daily SMA200	158.28

Levels
Previous Daily High	162.85
Previous Daily Low	160.56
Previous Weekly High	163.72
Previous Weekly Low	161.68
Previous Monthly High	163.72
Previous Monthly Low	158.08
Daily Fibonacci 38.2%	161.43
Daily Fibonacci 61.8%	161.97
Daily Pivot Point S1	160.82
Daily Pivot Point S2	159.54
Daily Pivot Point S3	158.53
Daily Pivot Point R1	163.12
Daily Pivot Point R2	164.13
Daily Pivot Point R3	165.41

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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