EUR/JPY falls 0.80% to 162.00, reacting to BoJ’s hawkish comments and soft EU inflation data.
Technical analysis indicates crucial support and resistance levels, highlighting immediate market sensitivities.
Further decline eyed with key supports at 161.75 and 161.00, unless buyers reclaim higher resistance points.
The EUR/JPY snaps two days of gains and drops on Thursday, following hawkish remarks by a Bank of Japan (BoJ) official. That and soft inflation data from countries in the Eurozone (EU) area are driving the cross-pair price action ahead of the Wall Street close. At the time of writing, the pair exchanged hands at 162.00, down 0.80%.
EUR/JPY Price Analysis: Technical outlook
The pair fell below 162.59, the Tenkan-Sen level, and slumped below the 162.00 figure, hitting a daily low of 161.68. However, the EUR/JPY recovered and reclaimed 162.00, though downside risks remain. If sellers achieve a daily close below 162.00, further weakness lies ahead. The next support would be the Senkou Span A at 161.75, followed by the 161.00 mark, and the Kijun Sen at 160.90.
Conversely, if buyers stepped in, stir resistance lies at 164.00, but firstly, they need to conquer the Tenkan-Sen at 162.59 before the 163.00 mark.
EUR/JPY Price Action – Daily Chart
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