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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 Yen is declining between the moving average lines in a band below 162.40. In the recent market action, the currency pair was in an uptrend, rallying to the 164.00 resistance zone. Buyers intended to keep the price above 164.00. However, the Yen was rejected after reaching the resistance zone at 163.72 and 163.52.
Today, the bullish trend has ended. The Yen dipped below the moving average lines, but the bulls held the decline above the 50-day SMA. EUR/JPY is now in a sideways trend between the moving average lines. When the price breaks through the moving average lines, the Yen will trend.
For example, if the price breaches the 21-day SMA, the Yen will restart its upward trend and revisit the prior high of level 164.00.
Daily Chart Indicators Reading:
Following its recent drop, the currency pair has become caught between the moving average lines. The Yen will bounce between the moving average lines. The price bars are retesting the 21-day SMA as buyers try to reestablish a bullish trend. Moving Average Lines are sloping upward in line with the trend.
EUR/JPY Medium-term Trend: Bullish
On the hourly chart, the currency pair has attained bullish exhaustion. On the March 15 rally, a retraced candle body tested the 78.6% Fibonacci retracement line. The retracement shows that the Yen will rise but then reverse at the 1.272 Fibonacci extension, or level 162.40.
The selling pressure has resumed, and the bearish momentum will continue to level 161.90.
1–Hour Chart Indicators Reading:
On the 1-hour chart, the price bars are higher than the moving average. The Yen has surged to 162.40 and is being rejected. The slide will continue until the pair reaches the level of its retracement. The moving average lines show a bullish crossing, and the 21-day SMA has crossed above the 50-day SMA, giving bullish signs.
General Outlook for EUR/JPY
The EUR/JPY pair is trapped in a range between the moving average line in a band below 162.40. The bulls have paused the price decrease above the 50-day SMA but failed to retain it above the 21-day SMA. As a result, the currency pair is forced to oscillate between the moving average lines.
The forex signal is likely to remain in a sideways trend.
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