EUR/JPY Resumes Its Positive Trend above Level 171.00

Azeez Mustapha

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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 has recovered after breaking above the 21-day moving average line as it resumes positive trend above level 171.00. Today, the currency pair fell rapidly and retreated. The Yen is trading above 171.00 as it encounters an initial obstacle at the recent high.

If the Yen breaks above the resistance level of 171.29, it will restart its bullish trend. However, if the pair retraces and goes below the moving average lines, the upswing will stop. In the meantime, the price remains above the 171.00 level and the moving average lines. EUR/JPY is currently valued at 171.19, but it is approaching the next resistance level of 171.60.

EUR/JPY Resumes Its Positive Trend above Level 171.00
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The Yen is increasing as the price moves above the moving average lines. The price bars were trapped between the moving average lines before the breakout. The currency pair trades modestly above the 21-day SMA.
 
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen has resumed its upward trend. Today, a candlestick fell sharply and then halted above the moving average lines. Bulls purchased the drop as the Yen recovered above 171.00. The pair is now gaining and has surpassed the prior milestone of 170.88.

On the upside, the bullish momentum is predicted to achieve a new high of 172.00.

EUR/JPY Resumes Its Positive Trend above Level 171.00
EUR/JPY – 4 Hour Chart

4-hour Chart Indicators Reading  
Following the latest price bounce above 168.00, the Yen is now trading in the bullish trend zone. On June 19, the Yen has a bullish crossover, with the 21-day SMA crossing above the 50-day SMA. This points to the continuing rising movement of the currency pair.

General Outlook for EUR/JPY
The EUR/JPY resumes positive trend above level 171.00 but has encountered an initial resistance of around 171.29. The price action is marked by Doji candlesticks, which slow down price movement. Currently, the Yen is oscillating above level 171.00 but has not surpassed the initial barrier at level 171.29.

The upswing will resume after the initial barrier is broken. The forex signal remains bullish as price remains above the moving average lines.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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