Ella 
EUR/JPY was on track for a fourth straight week of losses, with prices retracing more than half of their September-October gains to 159.00 on Wednesday.
The 61.8% Fibonacci retracement level at 159.55 provides some support, but the bears don’t seem ready to give up just yet. The RSI and Stochastics show no signs of a bullish reversal, but are approaching their oversold levels, and the MACD has just started a new negative cycle below its red signal line and zero line, all of which point to possible downside risks. persist. Additionally, it is worth noting that the 20-day moving average (SMA) did not rise above the 200-day SMA.
If the selling persists, traders can look for support in the 157.60-158.00 area, which is where the 78.6% Fibonacci retracement level and the rising trendline from 2022 lie. A break below this area could see the price fall towards the September low of 155.13, with a further dip towards 154.20 possible. The decline thereafter may pause near 153.00.
Conversely, if the bulls manage to push it above 161.00, resistance could emerge near the 20- and 50-day EMA, currently located within the 163.00-163.30 zone. The resistance trend line at 164.00 since the July top may be a more significant obstacle, while the 200-day SMA may give the pair a green light towards the October high of 166.67.
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