The EUR/JPY Pair Surges as It Approaches the 165.78 Price Target
Login

The EUR/JPY Pair Surges as It Approaches the 165.78 Price Target

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

The EUR/JPY Pair Surges as It Approaches the 165.78 Price Target
EUR/JPY – Daily Chart

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.

The EUR/JPY Pair Surges as It Approaches the 165.78 Price Target
EUR/JPY – 4 Hour Chart

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.

You can purchase crypto coins here: Buy LBLOCK

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News