The EUR/JPY Bounces Back but Stays within Ranges

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

EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY currency pair has recovered from its December 7 low of 153.16 but stays within ranges . According to the price indicator, the Yen is predicted to fall to the low of the 2.618 Fibonacci extension, or level 156.07.

The EUR/JPY dropped to a low of 153.16 and then recovered. At the time of writing, the Yen is trading at 156.89. The currency is unlikely to fall more as the market approaches oversold territory. The upward movement is currently being rejected at the level 158.00 resistance zone.

Once the resistance level is overcome, the pair will begin to trend upward.

Daily Chart Indicators Reading:
The Yen sank to an oversold zone of 153.16 on December 7. The price bars are now below the moving average lines as a result of the recent drop. Moving average lines are trending downward, signaling a drop. The Yen has reached the market’s oversold zone.

The long candlestick tails imply significant buying at lower price levels.

EUR/JPY Medium-term Trend: Bearish
The Yen is falling below the moving average lines on the 4-hour chart. The pair sank to a low above 153.00 and then continued consolidation above it. The Yen is correcting higher as it breaks above the 21-day simple moving average.

The currency pair has found support and retested the 21-day simple moving average. The positive momentum is expected to continue above the 50-day simple moving average.

4–Hour Chart Indicators Reading:
The currency pair has become entangled between the moving average lines. The Yen is expected to rise above the 50-day simple moving average. If the moving average lines continue unbroken, the Yen will remain constrained.

In other words, the current volatility will persist.

General Outlook for EUR/JPY
The EUR/JPY pair is falling as it bounces back but stays within ranges. The currency pair is currently trading between price levels of 155.00 and 158.00. If the current support is broken, the pair will fall. It will go back to the previous low of 153.16.

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