- EUR/JPY continues weekly drop, struggling to surpass the 162.00 resistance.
- Break below Tenkan-Sen signals decline; 160.18 now pivotal for potential rebound.
- Recovery depends on regaining Tenkan-Sen, eyeing 161.24; downside risks include supports at 159.34, 158.71.
The EUR/JPY remains under pressure extending its losses in the week for the fourth consecutive day, down 0.26% and exchanging hands at 160.13 after hitting a daily high of 160.97.
The cross-pair was bullish biased, but after facing strong resistance at 162.00, has shifted neutral. The EUR/JPY break below the Tenkan-Sen, which lies at 160.22, exacerbated a drop toward a daily low of 159.69. Nevertheless, as the pair has edged toward the confluence of the Tenkan-Sen and the January 11 high at around 160.18, previous support turned resistance has opened the door for further upside.
If buyers regain the Tenkan-Sen, the next resistance would be the November 21 swing low of 161.24 before the EUR/JPY aims toward 162.00.
On the other hand, if sellers keep the exchange rate below the Tenkan-Sen, downside risks are seen below 160.00. The next support would be the Senkou Span A at 159.34, followed by the 159.00 figure. The next stop would be the Senkou Span B at 158.71
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