EUR/JPY Price Analysis: Climbs to near 162.70 followed by a psychological barrier
Source Fxstreet
- EUR/JPY could meet the psychological resistance at the 163.00 level following February’s high at 163.72.
- EUR/JPY cross could find immediate support at the major level of 162.50.
- 14-day RSI indicates a bullish sentiment for the cross.
EUR/JPY retraces its recent losses, trading higher around 162.70 during the Asian session on Friday, following the psychological barrier of 163.00 level. A breakthrough above this barrier could lead the cross to explore the further resistance zone around the major level of 163.50 followed by February’s high at 163.72.
Technical analysis indicates a bullish sentiment for the EUR/JPY cross. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, signaling strength in the upward momentum.
However, the Moving Average Convergence Divergence (MACD) line is aligned with the signal line, indicating a convergence, while remaining above the centerline. Although the MACD is a lagging indicator, this configuration suggests a subdued momentum for the EUR/JPY cross at the moment.
On the downside, the EUR/JPY cross may encounter immediate support at the major level of 162.50, followed by the psychological level of 162.00. A breach below this support level could exert downward pressure on the pair, potentially testing the 21-day Exponential Moving Average (EMA) at 161.86.
Additionally, a further support zone for the EUR/JPY cross is anticipated around the major level of 161.50, with another significant support level near the 23.6% Fibonacci retracement level at 161.23.
EUR/JPY: Daily Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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