Yen. Image Source: Pixabay

• The EUR/JPY currency pair finished the week with a 0.66% gain, reflecting persistent yen softness against a backdrop of economic data.
• Technical analysis presented a year-to-date high at 163.21, with the support and resistance levels indicating potential upward momentum.

The EUR/JPY currency pair wrapped up Friday's trading session with losses of 0.02%, but it appeared set to finish the week with 0.66% gains, courtesy of overall Japanese yen weakness. The currency cross was seen exchanging hands at around 162.86, virtually unchanged.

From a technical standpoint, the pair printed a new year-to-date high at 163.21, but it failed to cling to gains above the 163.00 figure. That opened the door for a pullback, capped at around the day’s low of 162.64, which kept buyers hopeful of higher prices. Achieving a daily close above the 163.00 mark in the days to come would open the door to testing the Nov. 27 high at 163.72, ahead of the 164.00 mark.

Conversely, if sellers were to step in, they would likely clash with the Tenkan-Sen formation. With first support seen at the 162.11 level, the next support would emerge at the Jan. 19 high-turned-support at 161.87, followed by the Senkou Span A structure at the 161.44 mark.

EUR/JPY Price Action – Daily Chart

EUR/JPY Technical Levels

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