EUR/JPY Daily Analysis 23.01

Current level at 10:50 CET is 154.71, trading below the daily pivot point level of 155.05, having unsuccessfully challenged the Fibonacci 38.2 percent retracement level at 156.80 in early Asian trade. This currency pair is in the process of unwinding its oversold status and could possibly bring us to 159.10, being the 50 percent retracement level of the entire 149.27 - 169.04 range. The daily outlook, however remains bearish, with daily Bollinger and standard error bands poised to the downside. The falling 200 day moving average is now at 162.74. Pivot -point related support levels for today are at 153.50 and then 150.58. Resistance levels are at 157.98 and then 159.52.

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