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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: Bullish
The EUR/JPY pair has risen to its previous high with a target of 170.71. The current rally has reached a high of level 169.30. The Yen is expected to rise above its current level, based on pricing indicators. Meanwhile, on March 20, 2024, rise, a retraced candle body approached the 50% Fibonacci retracement level.
The retracement predicts that the Yen will advance to the 2.0 Fibonacci extension, or level 170.71. In the meantime, the Yen is currently worth level 169.30. ‘
Daily Chart Indicators Reading:
The price bars have risen above the moving average lines following the breakout above level 165.35. The currency pair is making higher highs and higher lows than the sloping moving average lines. The Yen has entered the overbought zone of the market.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair has maintained its upward trend. In prior price action, the currency pair was in a sideways trend below the resistance level of 165.00. On April 23, 2024, the sideways trend was interrupted when bulls broke above the resistance at level 165.00.
The EUR/JPY rose to a high of 165.23 and continues its rise. Further gains are possible provided the trend continues.
4-hour Chart Indicators Reading
The moving average lines were sloping horizontally, indicating a preceding sideways trend. Today’s price bars are above the sloping moving average lines pointing northward. The currency pair exhibits a bullish crossover as the 21-day SMA crosses above the 50-day SMA, signaling a buy order.
General Outlook for EUR/JPY
The EUR/JPY pair has resumed its upward trend with a target of 170.71. Since January 3, 2024, the Yen has been on an upward trend. The currency pair has been making a succession of higher highs and higher lows before forming a vertical trend on April 23, 2024.
The forex signal has been positive since the start of the vertical trend.
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