The EURJPY pair is currently trading at 157.667 and has experienced a decrease of 0.19% due to underlying factors. It has remained at a low level for the past ten days without any significant changes.

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• EUR/JPY holds losses of 0.19% on fundamental reasons while it remains subdued for ten consecutive days.

The pair currently trades last at 157.667.

The previous day high was 158.28 while the previous day low was 157.12. The daily 38.2% Fib levels comes at 157.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 157.56, expected to provide support.

The EUR/JPY remains subdued for the tenth-straight day, capped on the upside by the Kijun-Sen at 158.17, while the distance between the spot price and the Ichimoku Cloud (Kumo) shrinks, suggesting that downside risks are emerging. Hence, the cross-pair is trading at 1573.60, down 0.19%.

A fundamental reason behind the recent Euro (EUR) weakness is data showing the bloc is headed to a recession. At the same time, the European Central Bank (ECB) holds rates as fears of economic growth are tilted to the downside. Nevertheless, the ECB is adopting the Fed’s mantra of keeping rates higher for longer. That and fears that Japanese authorities could intervene in the Forex market and propel the Yen keeps traders parked on the sidelines.

The daily chart portrays the EUR/JPY trades sideways, with immediate resistance at the Kijun-Sen at 158.17. A breach of that level would expose the September 13 high of 158.65 before rallying to 159.00. Conversely, the pair’s first support would be the September 21 daily low of 157.03, followed by the top of the kumo at 156.86.

The hourly chart portrays the pair as neutral to downward biased, as it has achieved a successive series of lower highs, though it’s pending a lower low below September 21 at 157.03. In addition, the exchange rate is below the Kumo, while the Chikou Span sits below the price action and the Kumo, further confirming the bearish bias.

The EUR/JPY first support would be the daily low of today at 157.48, followed by last Friday’s low of 157.11. A breach of the latter would expose the 157.03, followed by the 157.00 figure. Conversely, the first resistance would be the Senkou Span B at 157.69, followed by the Tenkan-Sen’s confluence and the Kumo’s top at 157.79 before challenging 158.00.

Technical Levels: Supports and Resistances

EURJPY currently trading at 157.65 at the time of writing. Pair opened at 157.98 and is trading with a change of -0.21 % .

The pair is trading below its 20 Daily moving average @ 158.04, above its 50 Daily moving average @ 157.5 , above its 100 Daily moving average @ 154.92 and above its 200 Daily moving average @ 149.07

The previous day high was 158.28 while the previous day low was 157.12. The daily 38.2% Fib levels comes at 157.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 157.56, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 157.31, 156.63, 156.15
• Pivot resistance is noted at 158.47, 158.96, 159.63

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