EUR/JPY Price Analysis: Technical outlook
The EUR/JPY formed a 230 pip ‘hammer,’ which indicates the pair is edged to the upside. However, mixed signals between price action and the Relative Strength Index (RSI) are closing to the 50-midline about to shift bearish, suggesting caution is warranted.
On the upside, the pair is capped by the Tenkan-Sen at 162.04, which, once cleared, could open the door to testing the March 7 high at 162.81, followed by the psychological 163.00 mark. Nevertheless, should bears keep the EUR/JPY from climbing above 162.00, the pair could extend its losses.
The first support would be the Senkou Span A at 161.67, followed by the Kijun-Sen at 161.31. Once surpassed, the 160.55 March 7 low emerges as the demand area, followed by 160.00
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