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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: Bullish
The EUR/JPY currency pair has resumed its positive trend as it breaks above the 160.00 barrier. On October 31, the Yen recovered and broke through the resistance level of 160.00, but the bulls were unable to maintain their bullish momentum.
The currency pair dropped, reaching a low of 159.00 as bulls bought the dips. The bulls broke past the resistance level on November 6 and hit a high of 160.93. The EUR/JPY is expected to reach recent highs as soon as it develops upward momentum again.
The Yen is predicted to appreciate between the price ranges of 161.00 and 163.00.
Daily Chart Indicators Reading:
On October 30, the pair dropped below the moving average lines but quickly recovered. The currency pair recovered above the moving average lines on October 31. If the price bars had been below the moving average lines, the downturn would have been accelerated.
Similarly, the Yen has a bullish crossover on October 30. It is anticipated that traders will execute bullish orders as soon as the 21-day SMA crosses over the 50-day $MA.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the EUR/JPY was forced to trade in a range on October 31 as the bulls failed to maintain their bullish momentum above 160.00 high. The Yen sank to a low of 159.00 and resumed its range-bound movement.
Today, the barrier at level 160.00 has been broken, and the uptrend continued to the high of 160.93.
4–Hour Chart Indicators Reading:
On the 4-hour chart, the Yen is in a steady advance. The 21-day SMA serves as support as the pair retests it to restart its upward trend. The 21-day and 50-day simple moving averages are trending higher in opposite directions, indicating an uptrend.
General Outlook for EUR/JPY
The EUR/JPY has resumed its upward trend as it breaks above the 160.00 barrier. The 160.00 overhead resistance level has been broken. Since August 30, this barrier level has been preventing the Yen from acquiring a bullish trend. Bullish momentum is projected to peak at 163.00.
The Ten is currently reaching the 161.00 price level.
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