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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 pair is declining below the moving average lines but finds support above 160.62. The Yen is falling as buyers struggle to maintain positive momentum above level 163.00. On February 26 and March 4, 2024, the pair resisted as it sank to a low of 160.61.
On the downside, the slide has slowed between the moving average lines. If the bear crosses the level of 160.61 or the 50-day support, the Yen will fall much more. The currency pair will fall further, reaching a low above 159.00.
Daily Chart Indicators Reading:
The Yen price bars have dropped between the moving average lines. Future price fluctuations will be determined by whether the moving average lines are broken. The 21-day SMA will be broken if the price bounces back and the Yen continues its upward trajectory.
Sellers will redouble their selling pressure if the present support is broken. Currently, buyers have stopped the decline above the 50-day SMA.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen was trading sideways below the resistance level of 163.00 before selling pressure resumed. The Yen has dropped to 160.62 and found support above it. The selling pressure has resumed as the bears have twice tested the current support level.
4–Hour Chart Indicators Reading:
During the upward trend, the price bars were above the horizontal moving average lines, allowing the Yen to rise. However, following the latest downturn, the price bars have dropped below the moving average lines. The moving average lines are trending down.
General Outlook for EUR/JPY
The currency pair fluctuates because it is caught between the moving average lines but finds support above 160.62. Buyers defended the present support level of 160.62. In other words, the Yen is trading between the 160.62 and 162.00 price levels.
The forex signal is expected to remain range-bound between the moving average lines. Currently, the Yen is consolidating above its present support.
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