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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: Ranging
The EUR/JPY pair has fallen below the 160.00 barrier level as it aims for the low of 158.18. The currency pair is falling after reaching a high of 159.91. The pair is now trading at a low of 158.46. Since June 27, the Yen has been stuck in a range between 156.00 and 160.00.
The bulls were rebuffed twice as they retested the level 160.00 resistance. The upward trend is shaky since the EUR/JPY is overbought. The Yen will decline more if it drops below the moving average lines. The currency pair will therefore revert to its previous low of 156.00.
The volatility will resume above the moving average lines if the bearish momentum decreases above the lines.
Daily Chart Indicators Reading:
The price bars have held above the moving average lines since October 6. The currency price will occasionally swing below and above the moving average lines. Given the sideways trend, the moving average lines have constantly remained horizontal.
EUR/JPY Medium-term Trend: Bearish
The EUR/JPY is in a downtrend after falling below the 21-day simple moving average. The currency pair is trading below the 21-day SMA but above the 50-day SMA on the 4-hour chart. For a few days, the pair will be forced to move in a range between the moving average lines.
However, if the bears beach below the 50-day SMA, the downturn will continue. The Yen will fall further, reaching a low of 157.68.
4–Hour Chart Indicators Reading:
The sideways movement will continue as long as the Yen is between the moving average lines. The currency pair will restart its upward trend if the price rises above the 21-day simple moving average. The resistance level at 160.00 is the target for buyers.
If the bear’s breach is below the 50-day simple moving average, the currency pair will decline much more.
General Outlook for EUR/JPY
The EUR/JPY pair is falling as it aims for the low of 158.18. Since August 10, the currency pair has been generally consistent between the price levels of 156.00 and 160.00. Further price action above 160.00 is unlikely as the market approaches overbought territory.
Nonetheless, if the negative momentum falls below 156.00, the downturn will restart.
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