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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: Bullish
The EUR/JPY pair has extended its positive trend as it targets level 175.27. On the upside, the presence of Doji candlesticks has resulted in modest price movement. The price indication suggested that the currency pair would rise further.
On the June 4 upswing, a retraced candle body tested the 61.8% Fibonacci retracement line. The retracement indicates that the EUR/JPY will increase to the 1.618 Fibonacci extension, or level 175.27. Meanwhile, the Yen is currently valued at level 172.39.
Daily Chart Indicators Reading:
The Yen is rising as the price breaks above the 21-day SMA and the resistance level is at 170.89. The price bars slope northward and are located above the moving average lines. The price bars show a series of higher highs and higher lows while above the 21-day SMA. The present trend will end when the 21-day SMA is breached.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in a steady advance. The Yen bounces every time it tests the 21-day SMA. On June 27, the Yen rose to level 172.38 before being rejected. On June 28, the Yen maintained its upward trend, retesting the barrier at 172.38. Meanwhile, the upward trend has paused as the pair trades below its recent high.
4-hour Chart Indicators Reading
The moving average lines are pointing north, while the price bars are above them. The 21-day SMA acts as a support line for the price bars. The Yen is gaining as the moving average lines cross in a bullish pattern. That is, the 21-day SMA crosses above the 50-day SMA, signaling a bullish trend.
General Outlook for EUR/JPY
The EUR/JPY upward movement has paused as it targets level 175.27. Since June 27, the currency pair has fluctuated below its most recent high. On the 4-hour chart, the currency pair is trading above the 21-day SMA but below the resistance at 172.38. The rising movement will restart once the price breaks above the resistance level.
Meanwhile, the forex signal is optimistic, as the pair remains above the moving average lines.
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