- EUR/JPY dips to 163.59, marking consecutive losses after reaching peak levels not seen in 16 years.
- Technical indicators suggest potential for further retreat, with immediate support eyed at the 163.00 mark.
- A rebound towards 164.00 could rekindle momentum towards the year’s high, with traders monitoring critical technical thresholds.
After reaching 16-year highs of 165.35, the EUR/JPY experienced consecutive sessions of losses. During the mid-North American session, it declined by 0.64% and is currently trading at 163.59. Despite solid gains in Wall Street, the market sentiment remains positive; however, both the Japanese Yen and the US Dollar maintained their strength in the foreign exchange market.
EUR/JPY Price Analysis: Technical outlook
From a technical perspective, the cross-pair has exhibited subdued activity following volatility over the past four days. However, a daily close below the March 20 low of 163.78 may prompt a test of the 163.00 level. Further downside potential lies beneath, with the Tenkan-Sen appearing at 162.82, followed by the Senkou Span A at 162.79, and the Kijun Sen at 162.78.
Conversely, if buyers in the EUR/JPY market step in and drive prices towards 164.00, this could lead to a push towards 165.00, potentially re-testing the year-to-date (YTD) high of 165.35.
EUR/JPY Price Action – Daily Chart
EUR/JPY
