EUR/JPY Revisits Level 166.00 within Its Defined Range

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: Ranging

The EUR/JPY currency pair is correcting upward within its defined range. Since August 5, the Yen has remained between levels 156.00 and 166.00. Today, the Yen broke above the moving average lines and achieved a high of 163.14. On the upside, the currency pair is projected to retest or break above the overhead resistance at 166.00. The Yen will recover bullish momentum if buyers push the price above the resistance level of 166.00.

The EUR/JPY will ascend to the next barrier level at 175.00. If the Yen is rejected at the recent high, the current price range will continue its sideways move.

Daily Chart Indicators Reading:

The Yen will rise since the price bars are above the moving average lines. However, the formation of a tiny body uncertain candlestick will halt the rising price movement. The Yen is encountering an initial obstacle at the resistance level of 164.00. The moving average lines are horizontal, indicating that the sideways trend continues.

EUR/JPY Medium-term Trend: Bullish

On the 4-hour chart, the Yen is in an uptrend. The currency price is exhibiting higher highs and lows. The upward movement has stalled below the barrier level of 166.00. The Yen is gaining again, aiming to retest the resistance at 164.00. The Yen will move sideways if it fails to break above its recent high.

4-Hour Chart Indicators Reading

The moving average lines are slanted upward due to the upswing. The 21-day SMA is above the 50-day SMA, providing a bullish signal. The price fluctuation is represented by Doji candlesticks.

General Outlook for EUR/JPY

The EUR/JPY pair has continued a sideways trend, fluctuating within its defined range. Buyers have pushed the currency pair to resistance and have failed to break the recent high. Currently, the upward trend is encountering an early block at the resistance level of 164.00. The Yen is stabilizing above the 50-day SMA but below the barrier level. The forex signal is range-bound because the pair moves inside a specific range.

 
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