The EUR/JPY Pair Closes above 178.00

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: Bullish

The EUR/JPY pair begins a bullish trend and closes above 178.00. Since October 8, the Yen has traded above the moving average lines but below the resistance level of 178. On November 10, buyers pushed the currency pair above 178.00. On the upside, if the bullish trend continues, the pair will achieve a high of 180.00.

In contrast, if the Yen falls and breaks below the level of 178.00, it will return to its range above the moving averages. Today, the Yen is trading at 178.47.

Daily Chart Indicators Reading

The 21-day and 50-day SMAs remain on an upward slope, indicating an uptrend. On November 4, the bears broke through the 21-day SMA support, but the bulls purchased the dips. The 21-day SMA support holds as the currency pair breaks above the resistance level of 178.00. The Yen is now trading in the overbought zone of the market.

EUR/JPY Medium-term Trend: Ranging

On the 4-hour chart, the EUR/JPY is trading sideways, above the moving average lines but below the resistance level at 178.00. Buyers attempted to push the crypto above 178.00 twice but were rejected. The currency pair will continue to rise if buyers maintain their positive momentum above 178.00.

4-hour Chart Indicators Reading

The 21-day and 50-day SMAs are in a sideways pattern; however, the 21-day SMA is above the 50-day SMA, indicating that the currency pair is on the rise. The Yen will increase if it bounces above the 21-day SMA support. The scenario is reversed when the 21-day SMA support is violated.

General Outlook for EUR/JPY

The EUR/JPY pair is trading sideways but closes above 178.00. On November 4, the bulls broke through the barrier at level 178 and began their bullish advance above it. The Yen reached a high of 178.56 as it faced its first barrier. The forex signal is optimistic since the pair closed above the level 178.00 support.

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