Uptrend stalls at 159.00, as buyers target 159.70s YTD high

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<li><strong>EUR/JPY climbs for the second straight day, breaking above 158.92, but closes at 158.74.</strong></li>
<li><strong>BoJ’s ultra-loose monetary policy pressures JPY, while positive EU data reduces a possible ECB rate hike.</strong></li>
<li><strong>Technical analysis shows potential for further gains, with YTD high at 159.76 as next target for buyers.</strong></li>
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<p>EUR/JPY climbed for the second straight day, breaking above last Thursday’s high of 158.92, though it retreated some and printed a daily close of 158.74, registering gains of 0.19%.</p>
<p>The fundamental backdrop has not changed, as <a href="https://www.fxstreet.com/technical-analysis/sentiment/risk-appetite">risk aversion</a> was the price action driver during the week, while the Bank of Japan’s (BoJ) commitment to its ultra-loose monetary policy pressured the Japanese Yen (JPY). Meanwhile, the Eurozone’s (EU) more positive <a href="https://www.fxstreet.com/economic-calendar/united-states">economic data</a> has pushed aside the likelihood of a European Central Bank (ECB) rate hike, but the Euro (EUR) is not out of the woods yet. Recessionary fears loom, along with inflation twice the ECB’s target, increased speculations for a stagflationary scenario.</p>
<p>From a technical perspective, the EUR/JPY’s lack of clear direction keeps the pair trading sideways, though slightly tilted to the upside. If the cross-pair breaks above 159.00, buyers could test the year-to-date (YTD) high at 159.76.</p>
<p>Conversely, if EUR/JPY sellers moved in, the first support would be the 158.00 figure, immediately followed by the top of the Ichimoku Cloud (Kumo) at 157.75/95. Once cleared, the cross would drip inside the Kumo, indicating sellers gathering momentum, with the next support seen at the Tenkan Sen at 157.85, followed by the Kijun-Sen at 156.64.</p>
<h2>EUR/JPY Price Action – Daily chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638334364764252247.png" target="_blank" rel="noopener"><img decoding="async" src="https://editorial.fxstreet.com/miscelaneous/image-638334364764252247.png" style="width: 1569;height: 632;" /></a></p>
<h2>EUR/JPY Technical Levels</h2>
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<br /><a href="https://www.fxstreet.com/news/eur-jpy-price-analysis-uptrend-stalls-at-15900-as-buyers-target-15970s-ytd-high-202310202207">Source link </a></p><p>The post <a href="https://forextraderhub.com/uptrend-stalls-at-159-00-as-buyers-target-159-70s-ytd-high.html">Uptrend stalls at 159.00, as buyers target 159.70s YTD high</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>