EUR/JPY Holds above 162.00 and Begins a Sideways Move

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 pair has slipped below the moving average lines as it begins a sideways move. The present rally came to an end after twice challenging the resistance at 165.00. On the downside, selling pressure may persist if the price falls below the moving average lines.

The Yen will fall more, reaching 160.21. The currency pair will fluctuate, however, if the 50-day SMA support holds. Meanwhile, the BNB/USD exchange rate is currently at level 162.92.

Daily Chart Indicators Reading:
Following the current price drop, the currency price bars have moved between the moving average lines. The Yen is trading between the 21-day SMA resistance and the 50-day SMA support. If the 50-day SMA is violated, the Yen will fall even more. If the 50-day SMA support is not broken, the currency pair will bounce between the moving average lines.

EUR/JPY Medium-term Trend: Ranging
On the 4-hour chart, the EUR/JPY is in a sideways trend because of the termination of the uptrend at level 165.00. The currency pair has been range-bound between levels 162.00 and 165.00. The Yen is trading above level 162.00 as it tries to resume upward. The Yen will decline if the current support at level 162.00 is broken.

4-hour Chart Indicators Reading
The moving average lines are sloping horizontally by the sideways trend. Doji candlesticks dominate the price fluctuation, causing the price to move slowly. The Yen is range-bound as the present support level of 162.00 holds.

General Outlook for EUR/JPY
The EUR/JPY is declining but still above 162.00 as it begins a sideways move. The rising movement of the currency pair has been stifled by resistance at level 165.00. The pair is now trading between levels 162.00 and 165.00.

On the upside, the pair will resume a bullish trend after breaking above the 21-day SMA and resistance at 165.00.

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