- The EUR/JPY pair rises to 160.07 in an environment of risk appetite and profits for US stocks, surpassing 160.00.
- The technical outlook points to further upside, aiming for the January 19 high of 161.81, with 162.00 as the next target.
- The decline below 160.00 may lead to retesting the support at Tenkan-Sen, Kijun-Sen, suggesting a consolidation of the Ichimoku cloud.
The pair EUR/JPY rose late in the North American session on Friday, with buyers reclaiming the 160.00 figure following a boost in risk appetite, while US stocks traded with solid gains. At the time of writing, the pair is trading at 160.07
After falling within the Ichimoku (Kumo) cloud and hitting a weekly low at 158.08, the EUR/JPY regained ground and regained key resistance levels, with buyers overcoming the Tenkan-Sen at 159.83, opening the door to the signal of 160.00. If buyers achieve a daily close above, this could open the door to challenge the next cycle high at 161.81, the January 19 high. At 162.00 new rises are seen.
Failure at 160.00 could motivate sellers to push prices within the Kumo towards the first support level seen at the Tenkan-Sen, followed by the 159.00 figure, before challenging the Kijun-Sen at 158.47.
EUR/JPY Price Action – Daily Chart
EUR/JPY technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
