EUR/JPY Remains above 166.00 and Is Steadily Rising

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 is steadily rising above the resistance at level 166.00. Since October 27, the increasing trend has stalled at level 166.00, causing it to fluctuate below the recent high. On October 30, the bulls broke the recent high and maintained their bullish momentum. Today, the Yen has risen and is approaching level 166.59.

On the upside, buyers intend to hit the peak price of 176.94. However, the bullish advance is likely to be met with more resistance at the 170.00 level.

Daily Chart Indicators Reading:

The Yen has continued to strengthen as the price bars have held above the moving averages. Doji candlesticks dominated the price bars, which were slowed down by moving average lines. The 21-day SMA is above the 50-day SMA which is the currency pair’s support line. The bullish crossover suggests that the Yen will continue to rise.

EUR/JPY Medium-term Trend: Bullish

On the 4-hour chart, the Yen has begun to rise after breaking above support at 166.00. The rise stalled as the Yen wavered between 165.00 and 166.00. The current price range has been broken, with the pair reaching a high of 166.67. The Yen appears to be retracing toward its current support level of 166.00. The uptrend will resume if the Yen retraces and finds support above level 166.00.

4-hour Chart Indicators Reading

The price bars remain above the 21-day SMA which provides support to the rise. The pair has been slowly rising as a result of the development of Doji candlesticks. The 21-day SMA and 50-day SMA are trending tremendously, indicating an uptrend. However, the rally will end if the price falls below the moving average lines. 

General Outlook for EUR/JPY

The EUR/JPY pair has broken through the barrier at 166.00 and is steadily rising. On the upside, the pair is likely to confront another rejection at the 170.00 level. The previous support at level 170.00 was broken, causing the Yen to fall in value. Today’s forex signal is favorable as the Yen recovers from its slide.


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