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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
The EUR/JPY uptrend ended on August 31 as it confronted resistance at 158.27. The currency pair was caught between the moving average lines during its initial drop. This means that the Yen has been forced to trade sideways while caught between the moving average lines.
The bears broke below the 50-day SMA on September 14, but the bulls purchased the dips. The Yen has resumed its sideways trend between the moving average lines today. At the time of writing, the Yen had reached a high of 157.88.
Daily Chart Indicators Reading:
The EUR/JPY is in a sideways trend, having reached the Relative Strength Index level 50 for period 14. The currency pair has reached an equilibrium price level, which means that demand and supply are balanced. The pair is now trading between the moving average lines.
It denotes that the currency pair is moving sideways. When the moving average lines are breached, the pair will trend.
EUR/JPY Medium-term Trend: Ranging
The Yen is moving sideways in the lowest period. The currency pair is trading between the price levels of 156.50 and 158.50. The resistance at 158.50 has stymied the upward movement. Today, the pair is falling back towards its prior low. If the price finds support above the moving average lines, the resistance will be retested.
4–Hour Chart Indicators Reading:
The moving average lines are horizontally sloping, indicating a sideways trend. The Yen is falling below level 80 of the daily Stochastic. The appearance of Doji candlesticks has delayed the bearish momentum.
General Outlook for EUR/JPY
The Yen has become entangled between the moving average lines as it confronts resistance at 158.27. It is currently trading at 157.89 price level. The pair hasn’t trended yet because it is trapped between the moving average lines. The price movement has stopped due to the presence of Doji candlesticks.
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