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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 in decline as it resumes its horizontal trend below 158.00. Since June 27, buyers have been unable to maintain a positive trend above the 158.00 resistance level. The current pair has been bouncing below and above the resistance level for the past two months.
If the price breaks above the resistance level and the bullish momentum continues, the present uptrend will resume. Today, the pair is retracing after breaking over the resistance at 158.00. Selling pressure will pick up if the price retraces and breaks below the moving average lines.
Daily Chart Indicators Reading:
The Yen may stay in the bullish trend zone because the price bars are above the moving average lines. The pair is in a bullish trend at level 55 of the Relative Strength Index period 14. The moving average lines are still slanting up, showing an uptrend..
EUR/JPY Medium-term Trend: Bullish
The currency pair has broken below the moving average lines on the 4-hour chart. Buyers were unable to sustain the bullish momentum above the level of 158.00. The Yen slipped into the market’s oversold zone.
As the market approaches oversold territory, the decline may come to an end. At the time of writing, the Yen was trading at 157.99.
4–Hour Chart Indicators Reading:
The price bars are below the moving average lines, suggesting that the pair may collapse. The market has reached oversold territory. The present downward trend has achieved bearish exhaustion. The pair is expected to rise and resume its range-bound movement below the resistance level.
The moving average lines are horizontally sloping, indicating a sideways trend.
General Outlook for EUR/JPY
The currency pair is trading in a range as it resumes its horizontal trend below 158.00 below 158.00. The Yen is trading between 152.00 and 158.00 per dollar. A new upswing may begin above the threshold 158.00. The current sideways trend may persist.
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