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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 pair is going in the right direction as it remains inside its range below the level of 158.65. The Yen is now gaining as it looks to break above the 21-day SMA. If the 21-day SMA is breached, the currency pair will restart its bullish trend. Nonetheless, the rising trend is hampered as the market approaches the overbought territory.
If the Yen retraces below the 21-day SMA, the currency pair will remain range-bound. The price will restart its downward trend if it drops below the 50-day SMA. Meanwhile, EUR/JPY is caught between the moving average lines.
Daily Chart Indicators Reading:
The Yen has risen since it fell on September 1. It is at level 53 on the Relative Strength Index for period 14. It has the potential to go even higher. If the Yen is trapped between the moving average lines, it will be forced to continue its range.The moving average lines are slanted higher, indicating that the current uptrend is still in effect.
EUR/JPY Medium-term Trend: Ranging
The Yen is in a sideways trend, although it has risen to an overbought market zone. The price indicator anticipated that the Yen would hit a high of 158.79. Based on the price activity, the Yen reached a high of 158.65 before reversing.Today, the Yen is reversing from the market’s overbought zone.
The upward trend will resume if the price moves back above the moving average lines.
4–Hour Chart Indicators Reading:
The Yen has surged to an overbought market region. The Yen is retracing from the market’s overbought area. It is higher than the daily Stochastic level of 80. The moving average is sloping sideways, indicating that the move is inside a range.The sideways trend is located below the resistance level of 159.50.
General Outlook for EUR/JPY
Since August 31, the currency pair has resumed a sideways trend as it remains inside its range below the level of 158.65. The Yen reached a high of 159.73 before being repulsed. The currency pair is now trading between the moving average lines.Buyers are seeking to keep the price above the 21-day simple moving average to resume the uptrend.
The rise may continue inside the range if bullish momentum is not confirmed.
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