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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: Bullish
The EUR/JPY pair resumes above level 169.40 after breaking above the breakthrough mark. On May 14, the bulls attempted to retest the breakout level for the second time but were rejected. The Yen fell to level 167.33, but bulls purchased the dips.
The bullish momentum has surpassed the break level of 169.40. The currency pair has increased to the level of 170.63 as of this writing. According to the price indicator, the currency pair will gain but then reverse at 171.00.
Daily Chart Indicators Reading:
The Yen’s value has risen after breaching above 169.40. The Yen was previously caught between the moving average lines. The bulls broke the 21-day SMA to restart their bullish run. The 21-day and 50-day moving average lines are trending upward. indicating an uptrend.
EUR/JPY Medium-term Trend: Bullish
On the 1-hour chart, the Yen is in an uptrend after breaking above the moving average lines. The pair can rise because it is in a positive trend zone. During the May 31 rise, a retraced candle reached the 78.6% Fibonacci retracement line. The retracement indicates that EUR/JPY will rise but reverse at 1.272 Fibonacci extension, or 171.15.
1-hour Chart Indicators Reading
The price bars are higher than the moving average lines. However, the increasing trend is halted around 170.79. The Yen will gain value as long as the price bars are higher than the moving average lines. The current uptrend will stop if the price bars fall below the moving average lines.
General Outlook for EUR/JPY
The currency pair has resumed above level 169.40 but is stuck below the resistance at 170.79 . On May 29, the rising surge was rejected, and the Yen sank to 169.06, just above the moving average lines. The Yen will continue to rise as long as it remains above the moving average lines.
According to the price indication, the EUR/JPY is predicted to reach a high of 171.15. The forex signal is bullish after the Yen crosses resistance at 169.40.
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