The EUR/JPY is Back on Track to Rise above 173.90

EUR/JPY Significant Levels

Resistance Levels: 172.00, 174.00, and 176.00
Support Levels: 164.00, 162.00, and 160.00

EUR/JPY Price Long-term Trend: Bullish

The EUR/JPY pair begins its upward trend to rise above 173.90. In prior price action, the Yen was resisted at a high of 173.90. Today, the currency pair resumed its bullish advance. On July 28, a retraced candle body approached the 78.6% Fibonacci retracement line.

The retracement shows that the Yen will rise but then reverse at the 1.272 Fibonacci extension, or level 175.28. Meanwhile, the altcoin’s price is constantly rising steadily due to the existence of Doji candlesticks. Today, the Yen has reached a high of 174.93.

Daily Chart Indicators Reading

The moving average lines are sloping upward, indicating an uptrend. Following an initial drop below the 21-day SMA support, the price bars are now above the moving average lines. The 21-day SMA is above the 50-day SMA, indicating an uptrend.

EUR/JPY Medium-term Trend: Bullish

The currency pair is on a smooth uptrend, with higher highs and higher lows. On September 18, the Yen rose above the 21-day SMA support and broke through resistance at 174.00. The bullish momentum strikes a resistance level at 174.46. The price retraced and retested the 21-day SMA, continuing its upward trend. The Yen is increasing as it hits 175.00.

4-hour Chart Indicators Reading

The moving average lines are oriented northward, with price bars smoothly above them. Doji candlesticks dominate the price bars, slowing down the price movement. The 21-day SMA is above the 50-day SMA support, indicating that the uptrend will continue. A break below the 21-day SMA support will signal the end of the upward trend.

General Outlook for EUR/JPY

The EUR/JPY pair resumes its upward trend to rise above 173.90. The currency pair is currently confronting an initial resistance level at 174.90. A break above level 174.90 will send the Yen to level 175.28. However, the forex signal is favorable as the Yen breaks through the current resistance level.

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