EUR/JPY Is Overbought as It Faces Rejection at Level 158.32

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 is lagging as it faces rejection at level 158.32. The preceding upswing came to an end on August 31. This suggests a resumption of the sideways trend. The value of the Yen is rising today as the price passes over the moving average lines.

The resistance at level 160.00 will likely be tested again by the Yen on the upside. The pair were repelled during the most recent bullish momentum at level 159.73. The currency pair then dropped below the moving average lines as a result of this. The EUR/JPY is currently back above the moving average lines.

If the barrier at level 160.00 is broken, a new upswing will start. Otherwise, the trend will be sideways.

Daily Chart Indicators Reading:
The price bars are above the moving average lines as the Yen is increasing. The upward correction has not changed the moving average’s horizontal position. The currency pair is currently at level 158.45, which is the overbought zone.

The pair is getting turned down.


EUR/JPY Medium-term Trend: Bullish
The EUR/JPY is moving higher inside a flat trend. The price indicator indicated that the EUR/JPY would increase, but that it would turn around at the 1.272 Fibonacci extension level, or 158.32. The Yen is experiencing resistance at the Fibonacci extension, based on price activity.

Since it is overbought, the currency pair is at risk of declining.

4–Hour Chart Indicators Reading:
The increasing slope of the moving average lines indicates an uptrend. The 21-day SMA has crossed above the 50-day moving average line, signaling a bullish crossover for the pair. It shows a bullish order. The market, however, has run out of room for bulls.

Every time the currency pair enters the overbought area of the market, it reverses.

General Outlook for EUR/JPY
EUR/JPY is currently in a sideways trend as it faces rejection at level 158.32. The sideways trend started on August 31 at a level of 159.73 when it was rejected. The price of the currency pair oscillates between levels 156.00 and 158.50. The barrier at level 158.45 has resisted the rising movements.


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