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: Bearish
The EUR/JPY currency pair has fallen and may continue to tumble to level 156.00. The pair has been on an upward trend since September 17. The bullish momentum broke above the moving average lines, rallying to 166.69. Buyers were unable to sustain the bullish momentum above the high of 166.00. Today, the Yen has plummeted from its recent high to below the moving lines.
On the downside, the slide will reach its prior low of above 156.00. On the downside, the bulls are predicted to hold the previous level of 156.00, as they did in September. The currency pair will start a sideways trend if it stays above 156.00. The Yen is trading at 159.84 at the time of writing.
Daily Chart Indicators Reading:
The Yen is falling as it breaks below the moving average lines. The moving average lines show an increasing slope, suggesting the prior trend. The price bars are below the moving average lines, indicating that the pair will continue to decrease.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is in a downtrend. The pair has broken below the moving average lines as it continues its decline. It has broken below the present support as it continues to fall below 160.00. On the downside, the market is projected to test the previous low of 156.00. The pair is approaching the market’s oversold area.
4-hour Chart Indicators Reading
The price bars are below the downward-sloping moving average lines. The 21-day SMA and the 50-day SMA act as the resistance levels. On November 26, the upward correction was repelled by the 21-day SMA. This has resulted in the current decline.
General Outlook for EUR/JPY
Following the price drop on August 5 and the rejection at level 166.00, the EUR/JPY pair may continue to tumble to level 156.00. The currency pair will trade above level 156.00, with resistance at level 164.00. Meanwhile, the drop has stalled above 158.00. The forex signal is bearish since selling pressure remains.
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