EURJPY tests 162 resistance, a robust resistance level backed by the 23.6% Fibonacci level and the 50-period SMA. A close above the immediate resistance at 162.8 can trigger the uptrend, targeting 163.8, followed by 165.0.
EURJPY Technical Analysis – -January-2025
FxNews—The Euro has been in a bear market, below the 75-period simple moving average, and has lost 2.3% of its value since December 30, 2024. However, the selling pressure eased at the %50 Fibonacci retracement level, the 160.5 mark.
As of this writing, the currency pair trades at approximately 162.6, testing the 23,6% Fibonacci resistance level.
Regarding the technical indicators:
- The RSI 14 depicts [50.3] in the description moving sideways, meaning a low-momentum market.
- The Stochastic Oscillator is shown [49.0] in the description and is interpreted as the bull market strengthening.
- The Awesome Oscillator histogram is green, below zero, indicating the bear market weakened.
Overall, the technical indicators suggest that while the primary trend is bearish, the EUR/JPY bulls have the potential to change the trend from the bear market to a bull market.
EURJPY Price Forecast – 6-January-2025
The immediate resistance is at 23.6% Fibonacci, the 162.8 mark. From a technical perspective, the uptrend could extend to higher resistance levels if bulls (buyers) push EUR/JPY above 162.8.
If this scenario unfolds, the next bullish target could be 163.8, followed by 165.0.
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The Bearish Scenario
The immediate support is at 162.1. From a technical perspective, the downtrend from 165.0 will likely resume if the value of EUR/JPY drops below 162.1. In this scenario, the next bearish target could be testing the %50 Fibonacci support level at 160.5.
EURJPY Support and Resistance Levels – 6-January-2025
Traders and investors should closely monitor the EUR/JPY key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| EURJPY Support and Resistance Levels – 6-January-2025 | |||
|---|---|---|---|
| Support | 162.1 | 160.5 | 159.5 |
| Resistance | 162.8 | 163.8 | 165.0 |
