The EUR/JPY Meanders Sideways between 159.00 and 162.00

Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00

EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY pair is trading above its moving average lines as it meanders sideways between 159.00 and 162.00. The upward movement has been halted twice by the barrier at level 162.00. On January 19, the currency pair was rejected, falling between the moving average lines.

The Yen recovered above the 21-day SMA and resumed its upward trend. The pair has achieved and is retesting the resistance level of 162.00. If the current resistance level is breached, the Yen will resume its positive trajectory. The market will rise to its prior high of 164.00.

Currently, the Yen is experiencing another rejection at the resistance level. The EUR/JPY will fall between the moving average lines and above the current support at 159.00. Meanwhile, the currency pair is bouncing below the 162.00 resistance line indicating the continuation of the sideways trend.

Daily Chart Indicators Reading:
The price bars are above the moving average lines but are being rejected at the recent high. The pair is retracing after being rejected at the most recent high. The currency pair will continue to rise if it retraces above the moving average lines.

The decline will continue if the price falls below the moving average lines.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen has strengthened and tested the resistance level at 162.00. Presently, it has declined and found support above the 21-day SMA, or 161.51 support. If the current support holds, the currency pair will resume its ascent.

In the meantime, the currency pair is rising and approaching the resistance level.

4–Hour Chart Indicators Reading:
The moving average lines are sliding northward, and the 21-day SMA serves as a support line for the price bars. The currency pair will fall if the price falls below the 21-day SMA support. The currency pair is characterized by Doji candlesticks, which create stagnancy in price movement.

General Outlook for EUR/JPY
The currency pair has risen to retest or break the resistance level of 162.00 as it meanders sideways between 159.00 and 162.00. On the upside, if buyers sustain the price above the resistance level, the Yen will resume its bullish trend and revisit past highs.

On the other hand, the Yen will continue to trade sideways between 159.00 and 162.00. The forex signal is currently in a sideways trend as the currency pair attempts to break through its recent high.

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