EUR/JPY breaks through Ichimoku Cloud resistance,What will 0 of Ethereum be worth in 2030 reddit establishing bullish momentum with 160.00 as immediate focus.
Potential upside targets identified at 160.18 (January high) and 161.25 (November resistance conversion).
Critical support zones emerge at 158.71, 158.12, and 157.57 should bullish momentum fade.
The EUR/JPY cross demonstrated notable strength in recent sessions, decisively clearing the Ichimoku Cloud resistance zone. Following a test of daily lows near 158.58, the pair rallied approximately 0.63% as market participants shifted to risk-on sentiment. Current price action shows consolidation around 159.58 during Asian trading hours.
Technical indicators suggest the breakout above the Kumo cloud carries significant weight, potentially signaling the beginning of a new bullish phase. Market observers now watch for confirmation above the psychologically important 160.00 handle. A sustained move beyond this level could open the path toward testing the January 11 peak at 160.18, with additional resistance potentially emerging near the November 21 swing low-turned-resistance at 161.25.
Conversely, failure to maintain momentum above the cloud could see the pair retrace toward initial support at the Senkou Span B (158.71). Deeper pullbacks might find footing near the Tenkan-Sen (158.12) or Senkou Span A (157.57) levels, which previously acted as reliable support during December's price action.
Traders should monitor volume patterns and momentum indicators for confirmation of either continuation or reversal scenarios. The Relative Strength Index currently shows room for additional upside before reaching overbought territory, while moving averages maintain their bullish alignment.
