EUR/JPY Resumes Its Upward Path as It Approaches Level 170.00

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
Following its recent fall, the EUR/JPY has recovered above the 21-day SMA as it approaches level 170.00. In the last fall, the pair fell below the moving average but remained above the 50-day SMA. On the downside, if the bears had broken below the 50-day SMA, the Yen would have plummeted as low as 166.32.

Nonetheless, buyers have held the price above the moving average lines. It seems that the pair will ascend to the previous high of 170.00. The Yen has plummeted three times after retesting the overhead resistance. Today, the Yen has resumed its bullish ascent, reaching a high of 169.73.

EUR/JPY Resumes Its Upward Path as It Approaches Level 170.00
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
Since June 4, the Yen has fallen below the 21-day SMA and bounced between the moving average lines. On June 19, buyers pushed the Yen above the 21-day SMA, signaling that the Yen is about to be strengthened. The pair is rising as it approaches its prior high of level 170.00. The price bars are now above the moving average lines, causing the currency pair to rise.
 
EUR/JPY Medium-term Trend: Bullish
On the 1-hour chart, the Yen is in an uptrend but has slipped below the 21-day moving average. When the pair returns above the 21-day simple moving average, it will increase. On June 14, the price indicator showed a retraced candle body testing the 61.8% Fibonacci retracement line. Following the retracement, EUR/JPY is likely to hit its Fibonacci extension of 1.618, or 170.17.

EUR/JPY Resumes Its Upward Path as It Approaches Level 170.00
EUR/JPY – 1 Hour Chart

1-hour Chart Indicators Reading  
The price bars are situated between the upward-sloping moving average lines. When the price bars are above the moving average lines, the Yen will rise in the short term. Doji candlesticks dominate the price action, slowing its movement.
 
 General Outlook for EUR/JPY
Since April 29, the EUR/JPY has been trading sideways as it approaches level 170.00. On May 1, bulls bought dips, and the pair resumed its upward momentum. The altcoin is now trading at prices ranging from 168.00 to 170.00. The forex signal is bullish, as the pair resumes its upward path.

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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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