EURJPY Enters a Consolidation Phase

EUR/JPY Significant Levels

Resistance Levels: 185.00, 190.00, and 195.00

Support Levels: 180.00, 175.00, and 170.00

EUR/JPY Price Long-term Trend: Bullish

The EUR/JPY market seems to have established a new support level at the 180.00 price mark. While the pair currently trades above this level, fundamentals suggest that the pair may move higher in the coming week. The Japanese Communication Bill recorded weaker October data as households appear to be shifting to cheaper options. Meanwhile, the euro side of the market appears more stable. The euro may provide a more predictable outlook, which could attract traders and support further price growth.

As a result, the EUR/JPY market may enjoy additional upside movement. This is because price activity appears to have secured a new support level at the 180.00 mark. Therefore, traders entering the market may prefer long positions over short positions.

Daily Chart Indicators Reading

On the EUR/JPY daily chart, technical indicators remain biased toward bullish sentiment. The most recent price candle is a green one but keeps the pair trading just below the 9-day Exponential Moving Average (EMA) line. Also, the Stochastic Relative Strength Index (SRSI) has moved into the oversold region. An upside crossover at this point suggests that bullish momentum may strengthen significantly.

EUR/JPY Medium-term Trend: Bullish

The EUR/JPY market has rebounded upward over the past two sessions. The ongoing session has turned bearish, given the formation of the current price candle, but the pair still remains above key technical levels. This suggests that bullish forces still have the upper hand. The pair continues to trade above the 9-day EMA and remains out of a short-term bearish trajectory.

4-hour Chart Indicators Reading

Price action has rebounded upward off the 180.00 level on the 4-hour chart. While the ongoing session has been slightly bearish, the pair still trades above the 9-day EMA curve, maintaining a short-term upward bias. Likewise, the SRSI indicator lines have recently produced an upside crossover, with both lines still rising despite the bearish rejection seen during the closing session of the week.

General Outlook for EUR/JPY

Overall, the market remains well-positioned for further upward movement. On the daily chart, price action is hovering around the 9-day EMA, and the ongoing session is represented by a green candle.

Additionally, the 4-hour chart shows that despite a slight downward rejection in the closing session, price action remains above the 9-day EMA. At the same time, the SRSI maintains its upward trajectory following a bullish crossover.

Consequently, the market appears likely to rise toward the 185.00 price level.

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