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28 Dec 2023

EUR/JPY Price Analysis: Approaching 156.15 support after rejection at 158.45

  • The Euro is trading lower against a stronger Yen.
  • The JPY is the biggest beneficiary of the US Treasury yields’ decline.  
  • The EUR/JPY has a strong resistance area of 158.45.


The Euro is extending losses on Thursday following the second consecutive rejection at the 158.45 resistance area in the last two weeks.
The common currency has succumbed to JPY strength favoured by the narrowing US - Japanese Treasury yields’ spread, with the investors focusing on Fed cuts in 2024.

Technical indicators are pointing lower, with price action crossing below the 4h 50 and 100 SMAs and the RSI crossing below the 50 level. In this context, a retest of the December 21 lows, at 156.15 seems likely.

Below 156.15, the next targets would be 155.35 and 153.90, which close the path towards the four-month low, at 153.14.

On the upside, the pair faces strong resistance at 158.45, which is the 50% Fibonacci retracement of the late-November sell-off. Bulls would need to break this level to confirm the upside bias and extend to 159.00 ahead of the 61.8% retracement of the mentioned trend, at 159.65.

EUR/JPY 4-hour chart


Technical levels to watch

 

 

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