The EUR/JPY Is In a Tight Range above 180.00

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 has encountered resistance and is currently trading in a tight range above 180.00. The Yen corrected and began a sideways movement below the 182.00 level. For the past week, the Yen has remained bound above 179.00 and below the resistance level of 182.00. If the current barrier is passed, the Yen will surge to its high of 184.00.

On the downside, the currency pair will continue to increase as long as the bulls defend the present support level around 179.00. In the meantime, price movement has been limited above the level 180.00 but below the level 182.00.

Daily Chart Indicators Reading

Despite the fact that the uptrend has stopped, the price bars have held above the 21-day and 50-day moving average lines. The upswing will continue for as long as the price remains above the 21-day SMA support. The moving average lines have an increasing slope. The price bars are represented by Doji candlesticks, which demonstrate modest price fluctuation.

EUR/JPY Medium-term Trend: Ranging

The EUR/JPY price has started to move sideways on the 4-hour chart, above the 180.00 support level and below the 182.00 resistance level. Currently, the sideways movement is limited to the $180.00 support and below the 181.50 barrier. The Yen will fall if the bears break below the moving average lines. The Yen will rise as long as the price bars are above the moving average lines.

4-hour Chart Indicators Reading

The price bars move above the horizontal moving average lines. The 21-day SMA is horizontally flat above the 50-day SMA. The currency price bounces when it retests the moving average lines. The Yen will rise if it stays above the moving average lines. On the other hand, it will drop below the moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair has been trading in a tight range above 180.00 since the uptrend ended on November 20. The 4-hour chart shows the sideways trend in a narrow range above the $180 support and below the 181.50 barrier. The bears are seeking to drive the price below the moving average lines.

Currently, the price movement is stationary above the level of 180. In the meantime, the forex signal is negative below the 182.00 barrier.

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