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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: Bullish
The currency pair resumed its positive trend as it battles to stay below 159.50. The bullish momentum has risen over the 159.00 support level. The Yen is being rejected at a high of 159.50. Since August 10, the pair’s continued upward movement has been restrained at the recent high.
At the moment, the Yen has entered the market’s overbought zone. If the price retraces and remains above the moving average lines, the uptrend may restart. On the other side, if the price retraces and breaks below the moving average lines, the present trend may terminate.
At the time of writing, the currency pair is trading at 159.16.
Daily Chart Indicators Reading:
The Yen remains in the bullish trend zone for period 14 at Relative Strength Index level 59. As long as the price bars are above the moving average lines, the Yen will continue to increase. If the price falls below the moving average lines, the pair will fall. The moving average lines continue to point northward, indicating an uptrend.
EUR/JPY Medium-term Trend: Ranging
The Yen is moving sideways on the 4-hour chart. The currency pair is currently trading below the resistance level of 159.50. On the upside, if buyers break through the current resistance level of 159.50, the market will achieve a high of 160.00. The altcoin’s upward movement is currently questionable because the market has become overbought.
4–Hour Chart Indicators Reading:
The Yen is gaining ground above level 80 of the daily Stochastic. The currency pair is trading in the market’s overbought zone. If sellers emerge in the market’s oversold region, the EUR/JPY will fall. At the time of writing, the pair had reached a high of 159.45. It may be rejected at the high of 159.50.
General Outlook for EUR/JPY
The EUR/JPY is on the rise as it battles to stay below 159.50. According to the RSI period 14, the pair has room to rise further in price. The daily Stochastic, on the other hand, indicates that the pair is overbought at level 159.50. If sellers emerge in the market’s overbought zone, the pair will fall.
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