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4 Jan 2024

EUR/JPY Price Analysis: Surges above 158.00, but downtrend remains intact

  • EUR/JPY's rallies but the bearish bias remains in place
  • Technical outlook shows potential resistance near 158.35, with 159.00 and 160.00 as subsequent targets on a break higher.
  • Sellers could target supports at Kijun-Sen, Tenkan-Sen, and the January 2 low at 155.06.

The EUR/JPY rallied on Thursday by more than 1%, but it remains below the Ichimoku Cloud (Kumo), meaning that its bearish bias stays intact. Nevertheless, if the cross-pair achieves a daily close above the December 19 swing high of 158.59, could pave the way to challenge the 159.00 figure. At the time of writing, the pair is trading at 158.34

From a technical standpoint, the EUR/JPY daily chart depicts the pair as neutral to downward biased, following the drop from the November 16 high of 164.31, towards the December 7 low of 153.11. Since then, the pair has edged upwards but remains unable to crack resistance at around the 158.35 area. A breach of the latter would expose the 159.00 figure, followed by the 160.00 figure.

If EUR/JPY sellers regain control, the first support they will face would be the Kijun-Sen at 157.68. Once cleared, the next support would be the Tenkan-Sen at 156.83, followed by the January 2 low of 155.06.  

EUR/JPY Price Action – Daily Chart

EUR/JPY Key Technical Levels

 

Jan 4, 2024

Forex Today: Dollar trimmed some gains amidst pre-NFP prudence

The greenback appears to have taken a break following the strong start of the new trading year on Thursday.
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Jan 4, 2024

Kiwi cycles on Thursday amidst pre-NFP market churn, NZD/USD circles 0.6250

The NZD/USD kicked into an early intraday peak of 0.6286 in the first half of Thursday’s trading, propped up by Chinese Services Purchasing Managers’ Index (PMI) figures beating expectations, but a surge in US labor and jobless claims sees investors pulling back to familiar midranges ahead of Friday’s US Nonfarm Payrolls (NFP labor print.
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