EURJPY Tests 162 Resistance: Market Waits a Breakout

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.