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 while remaining in a narrow range above 160.00. The bullish momentum broke above the moving average lines but was halted by the 50-day SMA. The currency price is caught between the moving average lines. The Yen is trading above the 21-day SMA but below the 50-day SMA. The price movement has been confined to the moving average lines.
On the upside, if the bulls cross the 50-day SMA, the Yen will rise to 166.00. The positive momentum will continue if buyers stay above the resistance mark of 166.00. However, if the bears break below the 21-day SMA support, the Yen will fall above the level of 156.00. The Yen is trading at 161.31 at the time of writing.
Daily Chart Indicators Reading:
The 21- and 50-day SMAs are sloping horizontally, indicating a lateral trend. Meanwhile, the currency price will be stable because it is caught between the moving average lines. The price activity has been marked by Doji candlesticks.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the currency pair is in an uptrend. The pair has been experiencing a pattern of rising highs and lows. The bullish momentum has been halted around the 162.00 high. The pair retraced above 160.76 and maintained its upward trend. The range-bound movement will continue if the pair is rejected at the recent high.
4-Hour Chart Indicators Reading
The moving average lines are trending higher, indicating an uptrend. The moving average lines have formed a bullish crossover. The 21-day SMA has crossed above the 50-day SMA, providing a bullish signal. The price bars have dropped below the 21-day SMA but remain above the 50-day SMA support. When the price breaks above the 21-day SMA, the uptrend will begin.
General Outlook for EUR/JPY
The EUR/JPY pair has stayed in a narrow range above 160.00, caught between the moving average lines. The pair will trade in a close range of 160.00-162.00. Since August 5, the forex signal has been in a range-bound move. When the barrier of 166.00 is breached, the pair will trend upward.
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