EUR/JPY Swings Sideways below the Level of 173.00

EUR/JPY Significant Levels

Resistance Levels: 172.00, 174.00, and 176.00
Support Levels: 164.00, 162.00, and 160.00

EUR/JPY Price Long-term Trend: Bullish

The EUR/JPY exchange rate has started to rise again below 173.00. The Yen reached a peak of 173.90 in the most recent price movement. Buyers were unable to sustain the bullish momentum above the level of 174.00. The price indication has revealed that the Yen can cross the barrier at 174.00.

A retraced candle body got close to the 78.6% Fibonacci retracement line on July 21. The retracement predicts that the Yen will rise but then reverse at the 1.272 Fibonacci extension, or level 177.01. The current high for the Yen is 172.40.

Weekly Chart Indicators Reading

An upward trend is indicated by the horizontal but upward-sloping moving average lines. The 21-day SMA is above the 50-day SMA, indicating a bullish trend. The market’s overbought area is where the Yen is presently trading. The market is overbought, and the Yen will decline if sellers appear.

EUR/JPY Medium-term Trend: Ranging

The currency pair’s bullish run came to an end at a high of $173.00. The Yen has retraced above the 21-day SMA support. If the 21-day SMA support holds, the market will start to rise upward. Currently, the bears are attempting to breach the 21-day SMA support. The Yen will fall if the bears breach the 21-day SMA support.

4-hour Chart Indicators Reading

The price bars are higher than the upward-sloping moving average lines. The Yen is sliding as it approaches the 21-day SMA support. The 21-day SMA exceeds the 50-day SMA, giving a bullish signal. Doji candlesticks characterize the price action, causing the currency pair to swing sideways.

General Outlook for EUR/JPY

The EUR/JPY is increasing as it approaches the level of 173.00. The rising trend is confronting an initial barrier at the level of 173.00. Once the barrier has been overcome, the rising trend will begin. The forex signal is positive since the Yen trades above the moving average lines.

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