EUR/JPY PRICE ANALYSIS: TURNS BULLISH WITH BUYERS EYEING 160.00
- EUR/JPY's rise above Ichimoku Cloud indicates a bullish shift, with a focus on overcoming the 160.00 barrier.
- Next resistance targets include January 11 high at 160.18 and November 21 low at 161.25.
- Downside risk persists if EUR/JPY fails to breach 160.00, opens the door to challenge key support levels at 158.71, 158.12 and 157.57.
The EUR/JPY rose above the Ichimoku Cloud (Kumo), turned bullish on Monday, and gained some 0.63% after hitting a daily low of 158.58. As the Asian session begins, the pair trades at 159.58 is virtually unchanged, loses 0.02%.
The daily chart depicts the cross-pair is bullish and would face stir resistance at around the 160.00 figure. A breach of the latter would expose the January 11 high of 160.18, followed by the November 21 daily low turned resistance at around 161.25.
On the other hand, if sellers stepped in and kept the EUR/JPY exchange rate below 160.00, that could pave the way for further losses. The first support would be the Senkou Span B at 158.71, followed by the Tenkan-Sen at 158.12. Further downside is seen at the Senkou Span A at 157.57
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