The EUR/JPY Depreciates at the Level 164.00 Barrier

EUR/JPY Significant Levels

Resistance Levels: 164.00, 166.00, and 168.00
Support Levels: 158.00, 156.00 and 154.00

EUR/JPY Price Long-term Trend: Ranging

The EUR/JPY pair has been stuck between the moving average lines at the level 164.00 barrier. The currency pair will trend when the moving average’s lines are violated. The Yen will move sideways within a small range otherwise. On the plus side, the bullish trend will begin when the 50-day SMA is broken.

The Yen will consequently rise to the next resistance level of 166.00. Additionally, the sideways trend will end when the bullish momentum is sustained above the barrier at level 166.00. The currency pair will continue to rise until it hits the 174.00 price level. The Yen is now trading at 162.12 at the time of writing.

Weekly Chart Indicators Reading:

The sideways trend is shown by the horizontal sloping 21-day and 50-day SMAs. The Yen falls between the moving average lines for the 21-day and 50-day periods. The currency pair is going to remain stuck till the trend is found. Long candlestick wicks pointing across the 50-day SMA suggest strong selling pressure at the most recent high. 

EUR/JPY Medium-term Trend: Ranging

The Yen has been moving between level 156.00 and the resistance at level 164.00 on the daily chart. The price bars are above the moving average lines but below the resistance at level 164.00. The currency pair is currently above the moving average lines and in a small range.

Daily Chart Indicators Reading

The 21-day SMA is sloping above and below the 50-day SMA, reflecting the direction of the price bars, while the moving average lines are horizontal. Although resistance around level 164.00 has impeded the upward surge, the Yen is still trading above the moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair is at the level 164.00 barrier but is within a narrow range. The currency pair has gone through three repulses at its most recent peak. The Yen is depreciating in the direction of the moving average lines. The upward trend will restart when the price retraces and remains above the moving average lines. The Yen will, however, plummet if the price breaks below the moving average lines.


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