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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: Bearish
EUR/JPY currency pair is rejected at the 160.00 barrier zone as the recent upswing ends . The recent upswing has ended as the pair fell below the 21-day SMA. The currency pair has become entangled between the moving average lines.The Yen made an upward correction, reaching a high of 158.25.
Following the rejection, the pair fell to 158.17. The Yen is now trading at 157.98 at the time writing. If the price falls below the 50-day simple moving average, the pair will fall.The Yen, on the other hand, will resume its positive trend if buyers sustain the price above the moving average lines.
Meanwhile, despite the bullish trend, the EUR/JPY remains caught between the moving average lines.
Daily Chart Indicators Reading:
The pair is capable of additional higher movement because it is at the Relative Strength Index level 52 for period 14. The Yen will be compelled to fluctuate in a range since the price bars are located between the moving average lines.Despite the fact that the uptrend is over, the moving average lines are still pointing north.
EUR/JPY Medium-term Trend: Ranging
The Yen is in decline and falling below the moving average lines on the 4-hour chart. The pair is attempting to restart its upward trend but is hampered by the moving average lines. The price indicator has forecast that the pair will continue to fall.The Yen may fall further to a low of 1.272 Fibonacci extension or 156.33.
4–Hour Chart Indicators Reading:
The Yen is currently in positive momentum above level 50 of the daily Stochastic. The currency pair is reaching the market’s overbought zone. The moving average lines are horizontally slanted.
General Outlook for EUR/JPY
The EUR/JPY currency pair is in a sideways trend as the recent upswing ends . Once the moving average lines are broken, the pair will trend. The Yen is caught before the moving average line and is consolidating above the price level of 158.00.
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