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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 pair’s horizontal trend has persisted as it challenges level 158.50. The horizontal trend began after the uptrend was terminated at level 160.00 resistance zone. The Yen fell and became stuck between the moving average lines.
Later, the bears broke through the 50-day SMA, extending the negative momentum to a low of 154.34. Bulls bought dips, and the currency pair maintained its range-bound movement. The Yen is currently trading between 156.00 and 158.50. EUR/JPY will resume trending when the range-bound levels are breached.
Daily Chart Indicators Reading:
The moving average lines are horizontally slanted, while the price bars oscillate below and above the moving average lines. Doji candlesticks dominate the price action, slowing the price movement. The Yen will rise as long as the price bars remain above the moving average lines.
EUR/JPY Medium-term Trend: Bullish
The EUR/JPY is trading sideways, trading below the resistance level of 158.50. The Yen is in a range between levels 157 and 158.50. The sideways trend has been present since August 10. The upward momentum has been restrained by the barrier at level 158.50.
4–Hour Chart Indicators Reading:
The moving average lines are slanted to the side. The Yen has an edge in rising and retesting the resistance level because the price bars are above the moving average lines. When the Yen retests the resistance level, it will bounce above the moving average lines. If the price falls below the moving average lines, the Yen will fall.
General Outlook for EUR/JPY
The EUR/JPY exchange rate has been fluctuating as it challenges level 158.50. The Yen will restart its positive trend if it trades persistently above the moving average lines. The Yen is currently dropping after a second attempt at the resistance level.
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