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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: Bearish
The EUR/JPY is dropping below the moving average lines above level 158.30. The currency pair is trading below the 21-day SMA but above the 50-day SMA. In other words, the price movement has been constrained by the moving average lines.
On January 31, the bears tried to extend their bearish run below the 50-day SMA support but were stopped by the bulls. The currency pair is now trading at level 159.01 as of this writing. The present drop has subsided as bulls have bought the dips.
The extended candlestick tail signals strong buying at the level 158.00 support. The currency pair is trading modestly between the moving averages.
Daily Chart Indicators Reading:
The selling pressure has subsided since the price bars are caught between the moving average lines. When the currency pair breaks either of the moving average lines, it begins to trend. The moving average lines are said to be horizontal due to the sideways tendency.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is falling and making lower highs and lower lows. According to the price indicator, the Yen will fall to the 1.618 Fibonacci extension, which is at level 158.45. Based on the market movement, the currency pair has retested the Fibonacci extension and began an upward advance.
4–Hour Chart Indicators Reading:
The moving average lines are sliding downward, and the price bars are below them. The 21-day SMA serves as a resistance line for the price bars. The EUR/JPY is characterized by Doji candlesticks that slow price movement.
General Outlook for EUR/JPY
The EUR/JPY drop has slowed above level 158.30. The currency pair’s forex signals have ended, as the market resumes its sideways movement. Currently, the Yen is trading in a narrow range between 158.30 and 159.50. The pair will continue trending when the levels are breached.
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