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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 currency pair resumes its upward trajectory, breaking above the moving average lines. On January 10, 2024, the bulls broke and retested the 21-day SMA before resuming their upward trend. During the January 11 rise, a retraced candle body approached the 61.8% Fibonacci retracement level.
The retracement shows that EUR/JPY will increase to the 1.618 Fibonacci extension, or level 163.02. The price activity indicates that the market has increased to a high of 161.63.
Daily Chart Indicators Reading:
The Yen is gaining because the price bars are higher than the moving average lines. The 21-day SMA is sliding upward, seeking to pass above the 50-day SMA. Previously, the moving average lines were horizontal and indicated a sideways trend.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the EUR/JPY price is making higher highs and higher lows. The Yen is also in a steady upward trend. The price action is dominated by Doji candlesticks, limiting upward price movement.
4–Hour Chart Indicators Reading:
A bullish trend line has been established signaling the rise. The uptrend continues as long as price bars are above the trend line and moving average lines. The present upswing may come to an end if the bear’s breach is below the trend and moving average lines. The moving average lines are trending upward signaling the upswing.
General Outlook for EUR/JPY
The EUR/JPY breaks above its moving average lines as it resumes its upward trajectory. The current upswing is predicted to peak at 163.00 and 164.00 price levels. The rise is encountering early resistance at the high level of 161.00.
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