The EUR/JPY Loses Ground Below the 163.00 Barrier

EUR/JPY Significant Levels – the 163.00 Barrier

Resistance Levels: 164.00, 166.00, and 168.00
Support Levels: 158.00, 156.00, and 154.00

EUR/JPY Price Long-term Trend: Ranging

The EUR/JPY pair loses ground below the 163.00 barrier and the moving average lines. The price has been pushed above the 21-day SMA barrier by buyers. The Yen will rise and retest the overhead barrier at level 164.00 if the 21-day SMA support holds. The Yen will revert to its narrow range if it drops from its peak. The pair will drop to 160.00 if the 50-day SMA is violated. The Yen is trading at 163.10 today.

Daily Chart Indicators Reading:

The currency pair will appreciate and retest the overhead barrier at level 164.00 if the 21-day SMA support holds. However, it will revert to its narrow range if it falls from its most recent peak.

EUR/JPY Medium-term Trend: Ranging

In the shorter time range, the currency pair is declining below the moving average lines. The Yen will continue to tumble as the moving average lines have quelled the positive momentum. It is anticipated that the pair will continue its range-bound move below the moving average lines and return to the previous low of level 162.00.

4-Hour Chart Indicators Reading

Given that the price bars are below the moving average lines, the Yen might keep losing ground. The 21-day SMA is below the 50-day SMA, indicating a negative signal for the Yen. The upward correction is indicated by the upward-sloping moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair is currently rejected at the 165.00 high and below the 163.00 barrier. Stated differently, the currency pair fluctuates between 162.00 and 165.00 levels. The pair has been oscillating between the moving average lines and above them. When the Yen breaks above level 163.00, it will restart its bullish trend. The forex signal is currently range-bound below the most recent high.

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