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11 Jan 2024

EUR/JPY Price Analysis: Surges toward 160.00 on risk-on mood

  • EUR/JPY's significant rally driven by a neutral to upward trend, with buyers targeting the 160.00 mark.
  • Resistance at top of Ichimoku Cloud (161.26) and 162.00 level in sight for continued bullish movement.
  • Downside risks include potential supports at 159.32 (Kumo bottom), 158.73, and 157.51 (Tenkan-Sen).

The Euro (EUR) rallied sharply against the Japanese Yen (JPY) on Wednesday, posting gains of 1.27% or more than 200 pips as the EUR/JPY traded at 159.92, at the brisk of conquering 160.00.

The EUR/JPY daily chart suggests the pair is neutral to upward biased after buyers pushed the pair inside the Ichimoku Cloud (Kumo). if they would like to resume the uptrend, they must reclaim the 160.00 figure, followed by the top of the Kumo at 161.26. on further upside strength, the next resistance would be 162.00.

On the other hand, if sellers would like prices to edge lower, they must cap EUR/JPY’s uptrend at 162.00. That might open the door for further losses, exposing the bottom of the Kumo at 159.32. Further downside is seen at the Senkou Span B at 158.73, followed by the Tenkan-Sen at 157.51, before diving toward the Senkou Span A at 157.02.

EUR/JPY Price Action – Daily Chart

EUR/JPY Key Technical Levels

 

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