EUR/JPY Significant Levels
Resistance Levels: 164.00, 166.00, and 168.00
Support Levels: 158.00, 156.00 and 154.00
EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY currency pair has been declining but encountered a hurdle at level 154.00. The pair broke below the moving average lines, reaching a low of 156.38. The currency pair is likely to continue its drop below the moving average lines. The decrease may encounter an early roadblock at level 154.00. However, when the existing support is breached, selling pressure continues.
During the August 5 price decline, a retraced candle body tested the 61.8% Fibonacci retracement level. The correction means the Yen will fall further to the Fibonacci extension level of 1.618, or 141.35. The Yen is trading at 157.35 at the time of writing.
Weekly Chart Indicators Reading:
The price bars have dropped below the below-moving average lines, indicating a downtrend. The 21-day SMA is below the 50-day SMA, signaling a bearish trend. Since August 5, the candlestick has displayed a long protruding tail. A long candlestick tail signals strong buying pressure at lower price levels.
EUR/JPY Medium-term Trend: Bearish
On the daily chart, the Yen is in a sideways trend. The currency price is bouncing above 154.00 and below the resistance level of 164.00. Today, the currency pair is decreasing as it reaches the bottom price range of 154.00. When the current support level is breached, selling pressure will continue.
Daily Chart Indicators Reading
The moving average lines are horizontal, with a bearish crossover. The 21-day SMA has crossed below the 50-day SMA, indicating more drop. The price is determined by the Doji candlesticks, which slow down price movement.
General Outlook for EUR/JPY
The EUR/JPY is sliding but encounters a hurdle at level 154.00. Since August 5, the pair has traded between 154.00 and 164.00. If the threshold of 154.00 is surpassed, a downturn may begin. Meanwhile, the forex signal is negative based on current price predictions.
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