– EUR/JPY up 0.73%, influenced by risk-off sentiment and expectations of delayed rate cuts by major banks.- Upward trend faces resistance at 161.24; breach could target 162.00 level.- Downside risks for EUR/JPY below 161.00, with supports at 159.95 and key confluence at 159.23.The Euro (EUR) rose sharply against the Japanese Yen (JPY) on Wednesday, up 0.73% amid a risk-off impulse and [economic data](https://www.fxstreet.com/economic-calendar/united-states) suggesting that major central banks would deter cutting [rates](https://www.fxstreet.com/rates-charts/rates) in the near term.At the time of writing, the EUR/JPY trades at 161.12, posting minuscule losses of 0.07% as Thursday’s Asian session begins.
From a technical standpoint, the EUR/JPY daily chart portrays the pair as upward biased, extending its gains past the 161.00 figure, but its advance was capped at previous support turned resistance at around 161.24, the November 21 swing low.A breach of the latter will expose the 162.00 figure, followed by the November 27 high at 163.72.On the flip side, if sellers drag the EUR/JPY below the 161.00 mark, that can pave the way for further losses.
But they would face immediate support at the January 17 low of 159.95, followed by the confluence of the January 16 daily low and the Tenkan-Sen at around 159.23, ahead of the Senkou Span B at 158.71 EUR/JPY Price Action – Daily Chart EUR/JPY Technical Levels EUR/JPY |Overview| |Today last price||161.17| |Today Daily Change||1.07| |Today Daily Change %||0.67| |Today daily open||160.1| |Trends| |Daily SMA20||157.61| |Daily SMA50||159.17| |Daily SMA100||158.68| |Daily SMA200||155.9| |Levels| |Previous Daily High||160.13| |Previous Daily Low||159.24| |Previous Weekly High||160.18| |Previous Weekly Low||157.21| |Previous Monthly High||161.78| |Previous Monthly Low||153.17| |Daily Fibonacci 38.2%||159.79| |Daily Fibonacci 61.8%||159.58| |Daily Pivot Point S1||159.52| |Daily Pivot Point S2||158.94| |Daily Pivot Point S3||158.64| |Daily Pivot Point R1||160.41| |Daily Pivot Point R2||160.71| |Daily Pivot Point R3||161.29| Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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