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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 currency pair has completed its plunge as it breaks above the 156.00 mark. The pair is correcting higher as it consolidates above the 154.50 level. At the time of writing, the Yen is trading at 158.31. The market is correcting upward, but it will be met with resistance near the 160.00 level.
Alternatively, the Yen will be rejected at the moving average lines. A break above the moving average lines indicates that the uptrend has resumed. On the plus side, if buyers fail to break through the resistance level of 160.00, the currency pair will be forced to trade in a range.
The EUR/JPY will fluctuate between 154.00 and 160.00.
Daily Chart Indicators Reading:
Following the current downturn, the price bars have fallen below the moving average lines. The moving average lines have a decreasing slope. A bearish crossover has occurred in the Yen. In other words, the 21-day SMA is below the 50-day SMA, signaling a sell order.
EUR/JPY Medium-term Trend: Bearish
The Yen is correcting upward following a recent dip on the 4-hour chart. The Yen has risen to a high of 158.57, but it is being rejected at that level. If the Yen retraces and remains above the moving average lines, it will restart its rising trend.
A break below the moving average lines indicates that the decline will continue.
4–Hour Chart Indicators Reading:
The Yen is regaining strength when price bars break above moving average lines. If price bars remain above the moving average lines, the rising trend will continue. The downward-moving average lines are now sloping upward, indicating that the downward correction has been reversed.
The price will rise further if it overcomes the first resistance level at 158.56.
General Outlook for EUR/JPY
The EUR/JPY pair is now trading in a range as it breaks above the 156.00 mark. The Yen will trade between levels 154.50 and 158.50 till the uptrend resumes. The downtrend has come to an end, with the candlesticks pointing downward and having extended tails.
The lengthy candlestick tail implies significant purchasing at lower price levels.
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