The EUR/JPY Declines as It Stalls at 177.00

EUR/JPY Significant Levels

Resistance Levels: 172.00, 174.00, and 176.00
Support Levels: 164.00, 162.00, and 160.00

EUR/JPY Price Long-term Trend: Bullish

The EUR/JPY pair breaks the $173.90 barrier and the target price of 175.28, but stalls at 177.00. In recent price action, the Yen fell severely below the moving average lines, yet bulls bought the dips. The currency pair rose above the moving average lines and rebounded.

According to the price indication, the Yen will rise but then reverse at the 1.272 Fibonacci extension, or level 177.19. EUR/JPY is now trading at 176.95.

Daily Chart Indicators Reading

The price bar is above the moving average lines following a break above the 21-day SMA barrier. The moving average lines have stayed on an upward trend, with the 21-day SMA exceeding the 50-day SMA. The Yen will continue to increase as long as the price bars remain above the moving average lines.

EUR/JPY Medium-term Trend: Bullish

On the 4-hour chart, the currency pair is showing upward momentum and an upside open gap. The Yen briefly surpassed the level of 177.00 before retreating. Sellers are likely to emerge at the recent high as the market approaches overbought territory. On the downside, the Yen will reverse and revisit the breakout level at 175.28.

4-hour Chart Indicators Reading

Following the last dip, the moving average lines are sloping higher. The 21-day SMA is sloped higher than the 50-day SMA, indicating an uptrend. Doji candlesticks, which show slow price movement, have characterized the market.

General Outlook for EUR/JPY

The EUR/JPY pair continues to rise after breaking through the 173.90 level, but stalls at 177.00. In addition, the Yen rose in response to the upward open gap. Currently, the price movement has stalled below the level of 177.00. The Yen may weaken when the market gets overbought. Meanwhile, the prediction signal is favorable, with the Yen remaining above the moving average lines.

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