The Euro experienced marginal losses on Tuesday, displaying a volatile movement within an 80 pip range. Specifically, the EUR/JPY pair traded at 157.91, representing a minor 0.01% decline. This shift was primarily attributed to investors adopting a risk-averse stance, leading to an uptick in safe-haven currencies.
The prevailing downtrend persisted for the second consecutive day, although the EUR/JPY pair rebounded from its position around the Tenkan-Sen, which stood at 157.03. Nevertheless, the overall momentum continues to favor a downward trajectory, and for sellers to regain control, they must drive prices lower.
Consequently, the initial level of support can be found at the Tenkan-Sen, followed by the psychological barrier of 157.00. Beyond this point, the next support area lies at the Kijun-Sen, situated at 156.42. Should bearish sentiment persist, there is potential for a challenge to the 156.00 level.
On a contrasting note, despite the pair’s inability to establish a new daily high, buyers maintain optimism regarding a potential upward movement in the cross pair. For these buyers, the initial resistance awaits at the 158.00 mark, followed by the 159.00 level. A breach of the latter resistance level could lead to an exploration of the lower boundary of the Ichimoku Cloud (Kumo) around the 159.30/50 region, with further upside potential towards 160.00.
EUR/JPY Price Action – Daily Chart
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