EUR/JPY Restarts Its Uptrend as It Targets the 167.05 High

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 pair maintained its upward trend as it targets the 167.05 high. The bullish trend continues as the currency pair retraces above the 21-day SMA. On March 21, the pair achieved a high of 165.34 before declining above the moving average lines.

On the upside, if the Yen rises and breaks through the resistance between 165.34 and 166.00, it will advance to the predicted price of 167.37. The Yen is now trading at 163.43 as of this writing.

Daily Chart Indicators Reading:
The price bars have retraced above the 21-day SMA, indicating that the pair will continue to trend upward. The 21-day SMA serves as the support line that propels the Yen to rise. The 21-day and 50-day SMAs are sloping upward, indicating the current uptrend.


EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the EUR/JPY is declining below the moving average lines. The Yen plummeted to a low of 162.61 before rising again. The bullish momentum broke above the moving average lines but stalled at the 50-day SMA. The price will resume its upward trend for the Yen if it breaks above the 50-day SMA.

4-hour Chart Indicators Reading
The Yen has become caught between the moving average lines on the 4-hour chart. The implication is that the Yen will be forced to fluctuate while positioned between the moving average lines. The moving average lines are sliding southward, indicating a downturn.

General Outlook for EUR/JPY
The EUR/JPY has begun an upward trend after breaking above the 21-day SMA as it targets the 167.05 high. The bulls are likely to drive the currency pair to its forecast price of 167.05. On the 4-hour chart, the pair has advanced after breaking above the moving average lines. The forex signal is bullish, indicating that the currency pair has resumed its rise.

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