EUR/JPY Recovers as It Heads toward Level 167.00

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 price has retraced above the 153.32 support as it heads toward level 167.00. The currency pair dropped below the moving average lines. In other words, the Yen is higher than the 50-day SMA but lower than the 21-day SMA.If the price breaks above the 21-day SMA, the uptrend will continue.

If the bears breach the 50-day SMA, selling pressure will resume. The Yen is now on the rise. If the 21-day SMA and the barrier at 157.99 are crossed, EUR/JPY will rise to a high of 167.00. Meanwhile, the Yen is stuck between the moving average lines.

Daily Chart Indicators Reading:
For period 14, the Yen is at a Relative Strength Index level of 56. The pair will climb again because it is in a bullish trend. Furthermore, because it is trapped between the moving average lines, the Yen may be forced to make a range-bound move.Moving average lines slant higher, indicating an uptrend.

EUR/JPY Medium-term Trend: Bearish
The Yen is in a sideways trend on the 4-hour chart after being rejected at the recent high. The Yen challenged the 158.00 resistance level twice before falling below the moving average lines. The pair has corrected upward but has reached overbought territory.

If sellers emerge in the overbought region, the Yen may decline.

4–Hour Chart
The Yen is trading above the daily Stochastic threshold of 80. The Yen has entered the market’s overbought zone. It is unlikely that the currency pair will continue to rise. The price bars are above the moving average lines, indicating that the currency pair may be on the rise.

General Outlook for EUR/JPY
The EUR/JPY is on an upward correction after hitting resistance at 156.00 as it heads toward level 167.00. The market is overbought near the resistance level of 156.00. If the currency pair is rejected at its recent high, it will fall.The Yen, on the other hand, will be forced to move in a range since it is caught between the moving average lines.

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