On Friday, the EUR/JPY exchange rate ended the trading day with a small gain of 0.01%. The pair’s movement was influenced by a combination of factors, including mixed economic data from the US and a risk-off sentiment in the market. The Japanese Yen (JPY) strengthened against the US Dollar (USD), causing the USD/JPY pair to trim some of its losses. This dynamic supported the EUR/JPY pair and helped it to move upwards. At the time of writing, the EUR/JPY was trading at 158.33, having fluctuated within a range of 158.07 to 158.99 throughout the day.
Over the past three days, the EUR/JPY has shown a trend of rising above the 158.00 mark, but its inability to reclaim the 159.00 level leaves it vulnerable to potential selling pressure. If sellers gain control, the pair could descend towards the Kijun-Sen level at 157.52, further testing the Senkou Span B at 157.25. A breach of this level could expose the Senkou Span A and eventually the Tenkan-Sen at 157.03.
On the other hand, if buyers emerge at current levels and manage to regain the 159.00 mark, they could aim to test the bottom of the Ichimoku Cloud (Kumo) at 159.32. The next resistance zone for buyers would be the 160.00 level, followed by the top of the Kumo around 161.35/55.
EUR/JPY Price Action – Daily Chart
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