EUR/JPY Is Unstable as It Drops below the Level of 169.40

EUR/JPY Significant Levels
Resistance Levels: 169.00, 170.00, and 171.00
Support Levels: 160.00, 159.00 and 158.00
                                 
EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY upward trend seems uncertain because the Yen dropped below the level of 169.40. In the first instance, the Yen rose to the high of levels 170.79 and 170.89 and was repelled. The currency pair went below the 21-day SMA, reaching a low of 168.02.

However, the bulls purchased the dips but struggled to sustain the price above the moving average lines. On the upside, the Yen will resume its bullish ascent if buyers maintain their bullish momentum above the moving average lines. On the other hand, the drop will begin if the 21-day SMA support is violated. The EUR/JPY is trading at level 169.61 at the time of writing.

Daily Chart Indicators Reading:
The Yen is shaky above the 21-day SMA support. The bulls are attempting to get control of the price above the moving average lines. The Doji candlesticks have returned, and the price remains above the moving average lines.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is below the moving averages. The decrease has been rejected again at level 170.28. The Yen fluctuated below the moving average lines as it plummeted to a low of 169.64. The bullish trend will restart whenever the price breaks above the moving average lines.

4-hour Chart Indicators Reading  
The price bars are close and between the moving average lines. This causes the Yen to oscillate between the moving average lines. The moving average lines are sliding southward, indicating a negative trend.
 
General Outlook for EUR/JPY
 The EUR/JPY uptrend is on hold as it drops below the level of 169.40.  The Yen is trading below and above the breakout level of 169.40. The Yen will rise if buyers sustain the bullish momentum above the breakout level of 169.40. Presently, the forex signal is bullish as the price bars are now above the moving average lines.  

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