EUR/JPY faces downward pressure and slumps to a five-day low
- EUR/JPY experienced a downturn, touching a five-day low of 161.77.
- Technical analysis reveals that EUR/JPY has slipped below the Tenkan-Sen at 162.82, indicating potential for further declines.
- The EUR/JPY upward bias remains in place, though buyers must reclaim the Tenkan-Sen at 162.83.
EUR/JPY remains trading in the red, stumbles to a new five-day low of 161.77, before recovering some ground, toward the end of Monday’s session, registering losses of 0.61%. Nonetheless, the pair is trading with a positive tone in the early Asian session, trading at 162.25, gaining 0.01%.
The lack of fundamental news triggered safe-haven flows toward the Japanese Yen (JPY), opening the door for a pullback. The EUR/JPY daily chart witnessed the cross-pair slipping below the Tenkan-Sen at 162.82, which could exacerbate further downside. The next demand zone would be the Senkou Span A at 161.76, followed by the 161.00 mark. The next floor level would be the Kijun-Sen at 160.69.
On the other hand, the path of least resistance suggests the EUR/JPY might resume its ongoing rally, though traders must reclaim the Tenkan-Sen at 162.83. Upside risks remain above that level, followed by the 163.00 figure. A breach of the latter could open the door to challenging the year-to-date (YTD) high at 164.31.
EUR/JPY Price Analysis – Daily Chart
EUR/JPY Technical Levels
Reprinted from FXStreet_id,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.