- EUR/JPY up 0.39%, rebounding from daily low as Yen damages in FX market.
- Bullish harami pattern recommends upside prospective; resistance at 161.00, then January 19 high.
- Drawback dangers if listed below Tenkan/Sen (160.55 ); next assistances at 160.00, 159.69, 159.51.
The EUR/JPY bounces off weekly lows late on Friday’s North American session and is up 0.39% as the Japanese Yen (JPY) stays the laggard throughout the FX area. At the time of composing, the cross-pair exchanges hands at 160.77 after reaching a daily low of 159.83.
From a technical viewpoint, cost action in the last number of days is forming a ‘bullish harami’ two-candle pattern that reassembles a within day, which causes price action to the advantage. If purchasers raise the 161.00, the next resistance would be the January 19 high at 161.87, with the mental 162.00 up next.
On the other hand, if sellers drop listed below the Tenkan/Sen at 160.55, the next assistance would be 160.00, followed by the January 25 daily low of 159.69 and the Senkou Span A at 159.51.
EUR/JPY Price Action– Daily Chart
EUR/JPY Technical Levels
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