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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: Ranging
The EUR/JPY exchange rate is moving sideways as it revisits the barrier at l59.00. The moving average lines have been the pair’s trading range. The currency pair has been trading sideways since the December 7 price collapse as buyers try to push the currency pair above the resistance at level 159.00.
Buyers are currently defending the 21-day SMA and the level 156.00 support on the downside. If buyers break above the 50-day SMA and the barrier at level 159.00, the Yen will resume its bullish trend. The currency pair will rise and return to level 164.00, which was its previous high.
The EUR/JPY pair is currently trading at level 158.30 as of this writing.
Daily Chart Indicators Reading:
The Yen is stuck between the moving average lines, with a sideways trend. This suggests that the pair will have to move inside a certain range, between the lines representing the moving averages. When the moving average lines are breached, the Yen will trend.
The sideways trend is indicated by the horizontally sloping moving average lines.
EUR/JPY Medium-term Trend: Bearish
The Yen is in a sideways trend on the 4-hour chart, ranging from levels 155.00 to 159.00. The bulls were pushed back as they attempted to test the resistance at level 159.00 on January 5. The moving average lines caused the Yen to drop, but it later rose.
The Yen is strengthening now in order to revisit the barrier at level 159.00. If the present resistance level is broken, the Yen will rise to the next resistance at level 162.00 on the upside.
4–Hour Chart Indicators Reading:
While the price bars oscillate above and below the moving average lines, the moving average lines are horizontal. Doji candlesticks, or small body uncertain candlesticks, are indicative of price activity. Prices are constrained by these Doji candles when they settle in between the range-bound levels.
General Outlook for EUR/JPY
The currency pair has been trading in a range as it revisits the barrier at l59.00. Buyers are making frantic attempts to keep the price above the resistance at level 159.00. The Yen will begin to rise once more if the resistance at level 159.00 is broken.
If this doesn’t happen, the Yen will continue to fluctuate between levels 155.00 and 159.00.
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