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Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00
EUR/JPY Price Long-term Trend: Ranging
The EUR/JPY is below the level 160.00 resistance zone as it continues its sideways trend. Since the currency pair’s drop on October 3, the Yen has made a succession of higher highs and higher lows. The pair achieved a new high of 159.77 before falling.
On October 27, the Yen fell above the moving average lines, reaching a new low of 157.88. The currency pair is gaining once more, remaining above the moving average lines. If the EUR/JPY breaks above the 160.00 barrier level, it will resume its bullish trend.
The Yen, on the other hand, will continue its sideways trend if it is rejected at the resistance zone.
Daily Chart Indicators Reading:
Following the previous dip, the price bars rose above the moving average lines. If the currency pair remains above the moving average lines, the rising trend will resume. The moving average lines are slanted in opposite directions but are horizontally flat.
EUR/JPY Medium-term Trend: Bearish
The EUR/JPY is falling beneath the moving average lines. The Yen has made two upward corrections but has been rejected by resistance at 158.60, or the 50-day SMA. On the negative, the Yen will fall as it is rejected at its recent high.
If the price falls below the 21-day simple moving average, the pair will return to its prior bottom of 158.08.
4–Hour Chart Indicators Reading:
The currency pair has been caught between the moving average lines on the 4-hour chart. When the 21-day support is breached, the fall will resume. The moving average lines are horizontally slanted oppositely.
General Outlook for EUR/JPY
The currency pair remains above the 158.00 mark as it continues its sideways trend. The bears have breached below the 21-day SMA, resuming the selling push. The pair is projected to reach a low of 158.08 before beginning an upward trend.
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