The EUR/JPY Oscillates Above 171.00 as It Risks Falling

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: Ranging

The EUR/JPY pair has been trading sideways since breaching above 173.00 as it risks falling . The currency pair has been repelled as it reaches the 173.90 level. The bearish momentum has broken the 21-day SMA crucial support, as the Yen continues its sideways movement. On the downside, the Yen faces more losses if it falls below the 50-day SMA.

Furthermore, the price indicator has predicted that the currency pair would continue to decrease. On July 22, a retraced candle body approached the 23.6% Fibonacci retracement level. The upward corrective of the candlestick suggests that the Yen will fall to the 4.236 Fibonacci extension, or level 163.50.

Daily Chart Indicators Reading

The price bars are oscillating below and above the 21-day SMA support as the Yen begins its downward trend. On the downside, selling pressure will begin if the price falls below the 50-day SMA support. The Doji candlesticks have appeared as the Yen trades between 170.00 and 174.00.

EUR/JPY Medium-term Trend: Ranging

On the 4-hour chart, the Yen has begun a sideways move, trading above level 170.00 but below level 173.00. The cryptocurrency price fluctuates both below and above the moving average lines. Today, the altcoin rose as it attempted to break above the moving average lines. The upward movement has been limited by resistance at the level of 173.00.

4-hour Chart Indicators Reading

The price bars are currently above the horizontally sloping moving average lines after the recent decline. The price bars move both below and above the moving averages. There are numerous candlestick wicks pointing across level 173.00, indicating significant selling pressure at the most recent high.

General Outlook for EUR/JPY

The EUR/JPY has been moving sideways since the uptrend ended on July 28 as it risks falling. On the 4-hour chart, the Yen is trading in a narrow range of 171.00 to 173.00, sliding below the resistance level. The Yen risks a slide if it is rejected at 173.00. Meanwhile, the forex signal remains range-bound because the Yen is trading above the moving average lines.

Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investing results.