EUR/JPY Price Analysis: Faces downward pressure, eyes on key support level

• EUR/JPY marks third consecutive day of losses, trading near 162.70 with eyes set on crucial 162.00 support level.
• Technical analysis shows potential for rebound towards 163.00 if it breaches the Tenkan-Sen level, with higher resistance in sight.
• Sellers aiming below 162.50 could see the pair targeting 162.00 support, with further downside risks to February lows.

The EUR/JPY drops for the third straight day as Thursday’s Asian session begins, following Wednesday’s losses of 0.07%. At the time of writing, the cross-pair trades at 162.70, down 0.05%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY has printed a new two-day low at 162.21, but it failed to close below the March 4 swing low of 162.53, which could open the door to challenge the 162.00 figure. After bouncing off the weekly lows, the pair hovers around the Tenkan-Sen level at 162.70. A decisive breach could open the door to test the 163.00 mark, followed by the November 27 high at 163.72, followed by the 164.00 figure.

On the other hand, if sellers push the exchange rate below 162.50, they could drag the spot price toward 162.00. Once cleared, the next support would be the February 29 low of 161.68, followed by the Kijun-Sen at 160.90.

EUR/JPY Price Action – Daily Chart