EUR/JPY’s Bullish Run Ends as It Hits Level 158.00

Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00

EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY advance has ended as it hits a level 158.00 since June 27. The bulls retested the resistance level on July 21 but were repulsed. The currency pair has completed a retracement between the moving average lines.

As the price falls below the 21-day SMA, the negative momentum may extend to the low of the 50-day SMA.On the plus side, if the price breaks above the 21-day SMA, the currency pair will resume its positive trend. The Yen will climb and return to its prior high of 158.00.

The downtrend will resume if the EUR/JPY retraces and breaks below the 50-day SMA. The Yen has retraced to a low of 155.71 today.

Daily Chart Indicators Reading:
EUR/JPY has retraced to Relative Strength Index level 52 for period 14. The pair is probably going to start moving in a range since the price bars are in between the moving average lines. The trend is up because the moving average lines are pointing north.

The pair is still in the bullish trend zone despite the setback.

EUR/JPY Medium-term Trend: Ranging
On the 4-hour scale, the currency pair is trading sideways below the 158.00 resistance level. The pair has dropped below the moving average lines. The present downward trend has achieved bearish exhaustion. The market has achieved an oversold condition as a result of the selling pressure.

4–Hour Chart
The Yen has slipped into the market’s oversold zone. It is below the daily Stochastic level of 20. The current decrease is expected to end. The moving average lines slope horizontally, showing a tendency in the opposite direction.

General Outlook for EUR/JPY
The EUR/JPY is currently trading in a range as it hits level 158.00. The previous trend has come to a stop at 158.00. The price of the pair is now oscillating between 153.00 and 158.00. When the range limit level is breached, the Yen will trend.

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