EUR/JPY Is Stuck below Level 170.00 as It Hits the Overbought Zone

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 battles resistance at 169.40 as it hits the overbought zone. Since April 26, purchasers have made three efforts to maintain the positive momentum above the most recent high. Currently, the bulls have pushed the pair to reach the high of level 169.78.

The presence of Doji candlesticks limits the upward advance of the currency pair. The upward trend has ended, although it is still bouncing below the resistance level of 170.00. The currency pair is at an overbought region.

On April 29, the Yen fell rapidly after reaching the overt head resistance level. The EUR/JPY is currently valued at 169.63.

Daily Chart Indicators Reading:
The price bars are bouncing above the 169.40 support level and the moving average lines. If the currency returns to below the moving average lines, the present trend will come to an end. In the meantime, the currency pair is overbought at its recent high.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an uptrend but has retraced above the moving averages. The rising movement has been halted below the resistance at level 170.00 as it consolidates above the moving average lines. The bulls retested the barrier at 170.00 twice before finding support above the moving averages.

Selling pressure will return if the price falls below the moving average lines.

4-hour Chart Indicators Reading  
Since May 16, bulls have kept their price bars above the moving average lines. Doji candlesticks characterize the price bars. The upward trend will restart if price bars remain above the moving average lines. The moving average points upward, indicating a current uptrend.

General Outlook for EUR/JPY
The EUR/JPY currency pair is currently fluctuating below 170.00 as it hits the overbought zone. On April 26, the duo surged to a high of 169.40 before being rebuffed. The pair fell before rising again. Today, the upward trend has paused below 170.00. However, the forex signal remains favorable because the current pair is above the moving average lines.

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