EUR/JPY up 0.39%, rebounding from daily low as Yen weakens in FX market.
Bullish harami pattern suggests upside potential; resistance at 161.00, then January 19 high.
Downside risks if below Tenkan/Sen (160.55); next supports at 160.00, 159.69, 159.51.
The EUR/JPY bounces off weekly lows late on Friday’s North American session and is up 0.39% as the Japanese Yen (JPY) remains the laggard across the FX space. At the time of writing, the cross-pair exchanges hands at 160.77 after reaching a daily low of 159.83.
From a technical standpoint, price action in the last couple of days is forming a ‘bullish harami’ two-candle pattern that reassembles an inside day, which leads to price action to the upside. If buyers lift the 161.00, the next resistance would be the January 19 high at 161.87, with the psychological 162.00 up next.
On the flip side, if sellers drop below the Tenkan/Sen at 160.55, the next support would be 160.00, followed by the January 25 daily low of 159.69 and the Senkou Span A at 159.51
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