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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: Bearish
The EUR/JPY currency pair has reversed its fall that began on December 7 as it bounces above level 154.00. The YEN is trading in a range of 154.00 and 158.00 price levels. Since December 7, buyers have made three unsuccessful efforts to break through the resistance at level 158.00 and the 21-day SMA.
If the Yen breaks above the moving average lines and the resistance level of 160.00, it will resume its bullish trend. The Yen is currently declining as it reaches the lower price range of 154.00. The Yen will strengthen if it retests the 154.00 support level.
Long candlestick tails imply significant purchasing at lower price levels.
Daily Chart Indicators Reading:
Although the price bars are now below the moving average lines, the decline has slowed. The pair has a bearish crossing as the 21-day SMA crosses below the 21-day SMA. The moving average lines are descending.
EUR/JPY Medium-term Trend: Bearish
The Yen is trading in a range on the 4-hour chart. The pair is also trading between 154.00 and 158.00. Since December 7, the currency pair has failed to break out of its range. The Yen is declining as it returns to its lower price level.
4–Hour Chart Indicators Reading:
The price bars are higher than the slanted moving average lines. The pair has fallen into the market’s oversold zone. Doji candlesticks characterize the market, limiting price fluctuation.
General Outlook for EUR/JPY
Since December 7, the EUR/JPY pair has been range-bound as it bounces above level 154.00. The upward movement has been stifled by opposition at 158.00. The prolonged candlestick wicks at the most recent high suggest robust selling at higher price points.
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