EUR/JPY Significant Levels
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 is still drifting laterally but above Level 156.00. The currency pair has dropped to its lower price range for the seventh time. The bulls were thwarted when they tried to break through the 21-day SMA barrier on February 12. Consequently, the pair has dropped to the lower price twice in the past two weeks.
Bulls are making an effort to protect the 156.00 support while the currency market moves around. The Yen will rise and be compelled to trade between it and the moving average if the current support persists. The value of the Yen has fallen to 156.28 as of this writing.
Daily Chart Indicators Reading:
The horizontal moving average lines are trending southward in light of the declining trend. The decrease is indicated by the 21-day SMA being below the 50-day SMA. Doji candlesticks have also been used to describe the market, which has made the pair to be range-bound.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has fallen dramatically to the downside, with buyers being repulsed twice as they attempted to keep the price above the moving average lines. The Yen has remained unchanged despite the drop below the moving average lines.
4-Hour Chart Indicators Reading
The Yen is confined below the 21-day SMA due to the long candlestick wicks and tails. Significant selling pressure is seen on the long candlestick wicks and strong purchasing pressure on the long candlestick tails at the most recent support.
General Outlook for EUR/JPY
The Yen has remained range-bound in the bearish trend zone but above Level 156.00. The exchange rate has dropped to its lowest level within the current range. It is anticipated that buyers will appear in the oversold area of the market or at reduced price points. The forex signal is optimistic since it keeps rising within its current range.
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