Market news
20.11.2023, 23:00

EUR/JPY faces downward pressure and slumps to a five-day low

  • EUR/JPY experienced a downturn, touching a five-day low of 161.77.
  • Technical analysis reveals that EUR/JPY has slipped below the Tenkan-Sen at 162.82, indicating potential for further declines.
  • The EUR/JPY upward bias remains in place, though buyers must reclaim the Tenkan-Sen at 162.83.

EUR/JPY remains trading in the red, stumbles to a new five-day low of 161.77, before recovering some ground, toward the end of Monday’s session, registering losses of 0.61%. Nonetheless, the pair is trading with a positive tone in the early Asian session, trading at 162.25, gaining 0.01%.

The lack of fundamental news triggered safe-haven flows toward the Japanese Yen (JPY), opening the door for a pullback. The EUR/JPY daily chart witnessed the cross-pair slipping below the Tenkan-Sen at 162.82, which could exacerbate further downside. The next demand zone would be the Senkou Span A at 161.76, followed by the 161.00 mark. The next floor level would be the Kijun-Sen at 160.69.

On the other hand, the path of least resistance suggests the EUR/JPY might resume its ongoing rally, though traders must reclaim the Tenkan-Sen at 162.83. Upside risks remain above that level, followed by the 163.00 figure. A breach of the latter could open the door to challenging the year-to-date (YTD) high at 164.31.

EUR/JPY Price Analysis – Daily Chart

EUR/JPY Technical Levels

 

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