The EUR/JPY Backtracks as It Reaches Level 162.00 Resistance Zone

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 is in an uptrend and trading above the moving average lines as it reaches level 162.00 resistance zone. Since January 19, the Yen has failed to break the resistance level at 162.00. On January 19, 2024, the currency pair surged to a high of 161.86 but was rebuffed.

The increasing trend ended when the pair slipped between the moving average lines. On February 8, the currency pair regained positive momentum, breaking above the 21-day SMA. The Yen is backtracking after reaching a high of level 161.63.

For the past three weeks, buyers have been unable to keep the price above 162.00. The Yen is projected to remain between 159.00 and 162.00.

Daily Chart Indicators Reading:
Previously, the price bars were caught between the moving average lines, but they are now above them. This will provide the Yen with the necessary strength to rise to the prior level. The blue line 21-day SMA is higher than the red line 50-day SMA, which are all sloping horizontally.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is rising but moving laterally. The upward trend has stalled below level 161.50. The currency pair is falling following two rejections from its recent high. The pair is anticipated to return to the previous low at level 159.00. Bulls will always purchase the dip whenever the currency pair falls into the lower price range.

4–Hour Chart Indicators Reading:
The EUR/JPY will continue to advance in a sideways trend as long as the price bars remain above the moving average lines. The Yen has continued to strengthen and retest previous highs, remaining above the 21-day SMA. The bullish trend would come to an end if the price breaks below the moving average lines.

General Outlook for EUR/JPY
The EUR/JPY is trading above the moving average lines (160.45) as it reaches level 162.00 resistance zone. The Yen will resume a positive trend if buyers push the currency above the 162.00 barrier mark. On the other side, the Yen will fall if the price falls below the moving average lines.

Meanwhile, the Forex signal will remain in a sideways trend until the range-bound levels are breached.

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