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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 currency pair is steadily gaining as it approaches the 165.78 price target. The uptrend is the continuation of the rising momentum above the 160.00 level of the currency pair. According to the forecast, the Yen will continue to soar above 165.00.
The bullish trend above level 160.00 advanced to level 163.00 with little resistance. Buyers are still striving to push the bullish run above the 164.00 barrier. The EUR/JPY is trading in the market’s overbought zone.
Daily Chart Indicators Reading:
The latest surge has exposed the pair to an overbought market zone. The 21-day SMA slopes higher near the price bars than the 50-day SMA. The trend will continue as the price bars rise above the 21-day simple moving average.
When the price falls below the moving average lines, the trend will come to an end.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the EUR/JPY pair achieved a high of 160.85 before falling to a low of 159.08, which is above the 21-day $MA. The pair is expected to continue rising as long as the price stays above the moving average lines.
A retraced candle body tested the 38.2% Fibonacci retracement level on the October 31 uptrend. The retracement indicates that the EUR/JPY pair will advance to the 2.618 Fibonacci extension, or level 165.78.
4–Hour Chart Indicators Reading:
The moving average lines on the 4-hour chart are rising upward, but the price bars are quite close to the 21-day SMA. The existence of Doji candlesticks currently dominates the market action, causing the price to move modestly.
General Outlook for EUR/JPY
The currency pair has touched level 164.21 as it approaches the 165.78 price target. The pair is now trading below the resistance level of 164.00. The Yen is getting close to the current support level of 163.00.
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