The EUR/JPY Falls but Remains Above Level 162.60

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: Bearish

The EUR/JPY currency pair declines below the moving average lines but remains above level 162.60. The slide was halted by the 50-day SMA. The 21-day SMA resistance has slowed the upward momentum. Currently, the Yen will trend if either the 21-day or 50-day SMA is crossed. In other words, the upward corrective has ended at a high of 166.00.

The currency pair is trading within a price range of 162.00 to 166.00. On the downside, if the bear breaks below the 50-day SMA support or level 162.00, the pair would fall to a low of 156.00. On the upside, the bullish trend will restart until the price breaks above the 21-day SMA resistance, or level 166.00.

Daily Chart Indicators Reading:

The currency pair is confined between the moving average lines. Today, bulls are attempting to maintain the price above the 21-day SMA barrier. If buyers are successful, the Yen will rise. On November 19, a long candlestick tail pointed to the 50-day SMA support. This shows heavy buying pressure at the 50-day SMA.

EUR/JPY Medium-term Trend: Ranging

On the 4-hour chart, the Yen is in a sideways trend but is correcting upward following a recent fall. The currency pair has broken above the moving average lines, but it faces an early resistance at level 165.00. The upward trend will continue if the price stays above the moving average lines. The Yen is expected to gain or break the resistance at 166.00. A rejection of the current high will force the altcoin to fall below the moving average lines.

4-hour Chart Indicators Reading

The moving average lines are trending downward, indicating a downturn. The price bars oscillate below and above the moving average lines, showing a sideways trend. The Yen may rise since the price bars are above the moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair has been on an upward trend but remains above level 162.60. The Yen has been restricted to a range since November 8. The pair’s rebound will continue once the price breaks above the 21-day SMA resistance or the level 166.00 high. The forex signal is range-bound, with the pair battling the initial barrier at 164.74.

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