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29 Dec 2023

EUR/JPY Price Analysis: Bearish reversal stalls at 156.10 support

  • The Euro downside attempts have been capped above 156.00.
  • The pair is consolidating after the late November decline.  
  • Euro bulls will face strong resistance at 158.45.

The Euro is looking for direction on a light session on the last trading day of the year. The pair´s reversal from 158.45 has been contained at the 156.10 support area with 1.57.00 capping bulls so far.

Looking from a broader perspective, the pair is in a consolidation pattern, following a bearish impulse from November highs above 164.00

Technical indicators are mixed, with the RSI flat near the 50 level which shows a lack of clear direction. On the episode, the mentioned 157.00 is closing the path towards key resistance at 158.45, the 5o% retracement of the late November sell-off.

On the downside, immediate support lies at the mentioned 156.10, and below here, 155.35, and the December 14 low at 154.00.

EUR/JPY 4-hour Chart

EUR/JPY Chart

Technical levels to watch

 

 

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