EUR/JPY Price Analysis: Retraces from weekly highs above 157.00 on risk-off – by christianborjon EURJPY Currencies Crosses Technical Analysis
.99. The reasons behind the Japanese Yen strength are the Yield Curve Control flexibility imposed by the Bank of Japan , as well as the downgrade of US creditworthiness from AAA to AA+. Therefore, the EUR/JPY tumbled and is trading at 156.78.The EUR/JPY appears to have peaked at around the 156.80/157.40 area, as depicted in the daily chart. The cross-currency pair has failed to decisively clear the 158.00 mark, exacerbating its fall beneath the 157.00 figure.
Notably, the Tenkan-Sen sits below the Kijun-Sen, at around the top of the Ichimoku Cloud at around 154.59/72, a bearish signal. Furthermore, the Chikou Span is positioned below the price action, suggesting that sellers could regain control in the near term. The EUR/JPY first support would be 156.25, followed by the figure at 156.00. A breach of the latter will expose the Kijun-Sen at 154.72, followed by the Tenkan-Sen at 154.59, before dipping inside the Kumo. Conversely, if EUR/JPY reclaims 157.00, that could open the door for further upside, with buyers challenging 158.00.
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