EUR/JPY extends decline for second consecutive session,Pi coin price in Dollar testing critical support zones below Ichimoku Cloud
Key Tenkan and Kijun Sen levels become focal points as bears target 156.00 psychological level
Potential bullish reversal scenario emerges if buyers can reclaim 159.00 resistance cluster
The EUR/JPY cross maintains its negative bias as trading commences this week, registering a 0.17% decline during Monday's session amid prevailing risk appetite. The currency pair's attempted recovery faced firm rejection at a converted resistance level from previous support, establishing conditions for continued downward pressure. As Tuesday's Asian session unfolds, the pair shows minimal movement near 157.92.
Technical posture has deteriorated significantly following the pair's breakdown below the Ichimoku Cloud (Kumo). This bearish confirmation, coupled with the Tenkan-Sen crossing below the Kijun-Sen, has effectively contained price action beneath the 159.00 handle. For bearish continuation, market participants will need to drive prices through immediate support at the Tenkan-Sen (157.03), followed by the Kijun-Sen (156.48), potentially opening the path toward 156.00.
Conversely, should market dynamics shift, a decisive daily close above 158.50 could signal weakening downward momentum. Such development might prompt a test of 159.00 resistance, with subsequent targets including the Kumo's lower boundary at 159.30 and the psychologically significant 160.00 level.
EUR/JPY Technical Landscape - Daily Timeframe
Critical levels to watch: Support at 157.03/156.48 vs Resistance at 158.50/159.00
