EUR/JPY Price Analysis: Slips below 169.00 amid political turmoil

Source Fxstreet
Jun 14, 2024 22:02
  • EUR/JPY trades at 168.43, marking the second consecutive day of losses due to political uncertainty in France.
  • Technical outlook: Consolidation below 170.00 with potential further losses if price drops below the 50-DMA at 167.47.
  • Key support levels: Kumo bottom at 165.92 and 100-DMA at 164.78, indicating acceleration of the downtrend if breached.

The Euro tumbled for the second straight day against the Japanese Yen due to political uncertainty. France's presidential approvals plunged to their lowest level in five years ahead of the General Elections. The EUR/JPY trades at 168.43, down 0.08%.

EUR/JPY Price Analysis: Technical outlook

After peaking around 170.00, EUR/JPY has consolidated below this level but remains above the Ichimoku Cloud (Kumo), which would accelerate the downtrend if breached.

The Relative Strength Index (RSI) indicates that sellers are gaining momentum as it falls below the 50-line, suggesting that EUR/JPY could face further losses.

If EUR/JPY drops below the 50-day moving average (DMA) of 167.47, it could trigger a decline into the Kumo, signaling an acceleration of the downtrend. The next support would be the bottom of the Kumo at 165.92, followed by the 100-DMA at 164.78.

EUR/JPY Price Action - Daily Chart

EUR/JPY

Overview
Today last price 168.48
Today Daily Change -0.13
Today Daily Change % -0.08
Today daily open 168.61
 
Trends
Daily SMA20 169.64
Daily SMA50 167.51
Daily SMA100 164.81
Daily SMA200 161.84
 
Levels
Previous Daily High 170.14
Previous Daily Low 168.28
Previous Weekly High 170.89
Previous Weekly Low 168.01
Previous Monthly High 170.8
Previous Monthly Low 164.02
Daily Fibonacci 38.2% 168.99
Daily Fibonacci 61.8% 169.43
Daily Pivot Point S1 167.88
Daily Pivot Point S2 167.15
Daily Pivot Point S3 166.03
Daily Pivot Point R1 169.74
Daily Pivot Point R2 170.86
Daily Pivot Point R3 171.59

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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