EUR/JPY gains 0.39% as Yen weakness persists across major currency pairs.
Technical setup reveals bullish harami formation,dogecoin price prediction 2025 in inr suggesting possible continuation toward 161.00 resistance.
Critical support zone identified between 160.55-160.00, with breakdown potential toward 159.50 area.
The EUR/JPY cross pair demonstrates renewed strength during Friday's trading session, recovering from earlier declines to post modest gains. Market participants continue monitoring the relative performance of European and Japanese currencies, with current price action hovering near 160.77 after testing intraday lows around 159.83.
Technical analysts observe the development of a significant candlestick pattern known as a bullish harami, typically indicating potential trend reversals. This two-bar formation suggests waning selling pressure and possible accumulation by buyers. Should momentum continue, the pair may challenge overhead resistance near the psychological 161.00 level, with subsequent targets including the January 19 peak at 161.87 and the round-number 162.00 mark.
Conversely, traders note the importance of the Tenkan/Sen line currently positioned at 160.55. A sustained break below this dynamic support could signal weakening bullish conviction, potentially opening the door for tests of the 160.00 psychological level followed by the January 25 swing low at 159.69. Additional downside targets include the Senkou Span A at 159.51, which may serve as stronger support if reached.
EUR/JPY Technical Overview - Daily Timeframe
