- EUR/JPY dips to 163.59, marking consecutive losses after reaching peak levels not seen in 16 years.
- Technical indicators suggest potential for further retreat, with immediate support eyed at the 163.00 mark.
- A rebound towards 164.00 could rekindle momentum towards the year's high, with traders monitoring critical technical thresholds.
The EUR/JPY registered back-to-back losing sessions after hitting 16-year highs of 165.35. It dropped 0.64% in the mid-North American session and trades at 163.59. The market mood remains upbeat as Wall Street posts solid gains, but in the FX space, the Japanese Yen and the US Dollar remained bid.
EUR/JPY Price Analysis: Technical outlook
From a technical standpoint, the cross-pair is subdued after trading volatile during the last four days. However, a daily close below the March 20 low of 163.78 can sponsor a test of the 163.00 mark. The further weakness lies below the latter, as the Tenkan-Sen emerges at 162.82, followed by the Senkou Span A at 162.79 and the Kijun Sen at 162.78.
On the other hand, if EUR/JPY buyers move in and push prices toward 164.00, that could sponsor a leg up to 165.00, ahead of re-testing the year-to-date (YTD) high of 165.35
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