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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 still trading above the moving average line but risks an additional drop. The current upswing ended after hitting a high of level 161.86. The pair has retraced and is now trading above the 160.00 support level and the 50-day SMA.
Today, the currency pair has plummeted to the low of level 160.16. The upward trend will resume once the current support holds. The Yen will rise to retest or break the resistance at 161.86 or 162.00. On the upside, the market will hit the target price of 163.00, if the current resistance levels are breached.
In contrast, the Yen will decline if it falls below level 160.00 and breaches the moving average lines. The Yen will fall to a low of 158.00.
Daily Chart Indicators Reading:
Following the latest decrease, the price bars remained above the moving average lines. On the 4-hour chart, the moving average lines are sloping northward following the initial dip. Doji candlesticks have been a defining characteristic of the price movement.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has dropped below the moving average lines. The currency pair was exhibiting a pattern of lower highs and lower lows. The current decline has paused above level 159.69, with a long candlestick tail.
The currency pair dipped and recovered. It is also retesting the breakout level of 160.18. If the breakout level is breached, selling ressure will persist.
4–Hour Chart Indicators Reading:
The price bars are below the upward-sloping moving average lines. The Yen is undergoing a bearish crossover as it attempts to pass below the 50-day SMA. If a bearish moving average crossing occurs, traders will go short.
General Outlook for EUR/JPY
The EUR/JPY faces rejection at the recent high but risks an additional drop. Similarly, the 21-day SMA is about to cross below the 50-day SMA. This will give traders bearish forex signals, allowing them to place short orders. Currently, the Yen is declining but trading in a favorable trend zone.
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