- Analytics
- News and Tools
- Market News
- EUR/JPY Price Analysis: Approaching 156.15 support after rejection at 158.45
EUR/JPY Price Analysis: Approaching 156.15 support after rejection at 158.45
- The Euro is trading lower against a stronger Yen.
- The JPY is the biggest beneficiary of the US Treasury yields’ decline.
- The EUR/JPY has a strong resistance area of 158.45.
The Euro is extending losses on Thursday following the second consecutive rejection at the 158.45 resistance area in the last two weeks.
The common currency has succumbed to JPY strength favoured by the narrowing US - Japanese Treasury yields’ spread, with the investors focusing on Fed cuts in 2024.
Technical indicators are pointing lower, with price action crossing below the 4h 50 and 100 SMAs and the RSI crossing below the 50 level. In this context, a retest of the December 21 lows, at 156.15 seems likely.
Below 156.15, the next targets would be 155.35 and 153.90, which close the path towards the four-month low, at 153.14.
On the upside, the pair faces strong resistance at 158.45, which is the 50% Fibonacci retracement of the late-November sell-off. Bulls would need to break this level to confirm the upside bias and extend to 159.00 ahead of the 61.8% retracement of the mentioned trend, at 159.65.
EUR/JPY 4-hour chart
Technical levels to watch
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
