EUR/JPY Pauses above Support and Aims for Level 176.00

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: Bullish

The EUR/JPY currency pair has broken above the moving average lines and aims for level 176.00. The bullish momentum crossed above the moving average lines twice before establishing a bullish trend. For example, the pair was repelled when it broke above the moving average lines on September 27.

However, the bulls recovered and broke above the moving average lines on October 2. On September 27, a retraced candle body tested the 38.2% Fibonacci retracement line. The retracement indicates that the Yen will advance to the 2.618 Fibonacci extension, or level 176.94. Meanwhile, the Yen has surged to level 166.07 as of this writing.

Daily Chart Indicators Reading:

The price bars have broken above the moving average line twice. The emergence of Doji candlesticks has resulted in a marginal price change. On October 14, the 21-day SMA crossed above the 50-day SMA, providing a bullish signal.

EUR/JPY Medium-term Trend: Bullish

On the 4-hour chart, the Yen is rising. It has risen significantly, reaching a high of level 166.00. According to the price indicator, the market will continue to surge to the upside. Currently, the Yen is falling as it meets rejection at its recent peak. In other words, the currency price is above the 21-day SMA support but below the resistance level at 166.00.

4-hour Chart Indicators Reading

The price bars stay above the moving average lines as the Yen continues its upward trajectory. The Yen is falling toward the 21-day SMA support. The uptrend will continue because the price bars are higher than the moving average lines. The present uptrend will be terminated if the price falls below the moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair has stopped below the resistance level of 166.00 and aims for level 176.00. The Yen is losing value. The current uptrend will restart if the price retraces above the 21-day SMA support. The currency price is above the 21-day SMA support but below the resistance level of 166.00. The trend will end, however, if the price goes below the moving average lines.


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