The EUR/JPY Keeps Rising as It Reaches the Forecast Price of 175.27

EUR/JPY Significant Levels
Resistance Levels: 174.00, 175.00, and 176.00
Support Levels: 160.00, 159.00 and 154.00
                                 
EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY pair maintains a strong trend as it reaches the forecast price of 175.27. The increasing trend has temporarily paused at the current high. The Yen returned to its low of 173.51 and began its upward movement. On the upside, if the bulls break through the initial hurdle at level 174.52, the market will hit the forecasted price of level 175.27.

The upward trend will continue as the currency pair is above the moving average lines.

Daily Chart Indicators Reading:
Following the breakout on June 19, the price bars returned above the upward-sloping moving average lines. The 21-day SMA is the support line that is higher than the 50-day SMA. The Yen will rise while remaining above the moving average lines. The current rally will cease whenever the price goes below the moving average lines.

EUR/JPY Medium-term Trend: Ranging
On the 4-hour chart, the Yen is in a sideways trend following the end of the uptrend on July 3. The currency pair is now oscillating above the moving average lines but below the resistance level of 174.52. Price movement has been delayed due to the existence of Doji candlesticks.

The uptrend will resume until the Yen recovers and breaks above the resistance at 174.52.

4-hour Chart Indicators Reading  
Following the end of the rally, the moving average lines are sloping horizontally in line with the sideways trend. Doji candlesticks identify price bars, causing price action to slow down.

General Outlook for EUR/JPY
The EUR/JPY pair continues to rise as it reaches the forecast price of 175.27. Presently, the currency pair has fluctuated below the resistance level in anticipation of the Yen’s continued rise. The forex signal is positive since the price bars exceed the moving average lines.

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