The EUR/JPY Rebounds and Peaks at 164.00

EUR/JPY Significant Levels

Resistance Levels: 164.00, 166.00, and 168.00
Support Levels: 158.00, 156.00 and 154.00

EUR/JPY Price Long-term Trend: Ranging

The EUR/JPY pair has been trading sideways but rebounds and peaks at 164.00. On March 5, the bullish momentum breached the moving average lines and reached level 164.00. The currency pair has reverted to its range of 156.00 to 164.00. The bullish momentum has been halted by the 50-day SMA. The bullish trend has come to an end at the most recent high.

On the upside, if buyers surpass the overhead resistance at level 164.00, the Yen will resume its upward trend. The Yen will rise to the next resistance at level 166.00. In contrast, if the Yen is rejected at 164.00, it will resume its sideways trend. The EUR/JPY is trading at 163.17 at the time of writing.

Daily Chart Indicators Reading:

The 21-day SMA and the 50-day SMA are sloping horizontally showing the sideways trend. The 21-day SMA slopes below and above the 50-day SMA in the direction of the price bars. The price bars are currently above the moving average lines as the Yen rises.

EUR/JPY Medium-term Trend: Ranging

On the 4-hour chart, the Yen is in an uptrend as it hits a sequence of higher highs and higher lows. Despite hitting the resistance at level 164.00, the bullish trend fell precipitously above the 21-day SMA. The drop has paused as the altcoin fluctuates above the 21-day SMA and the recent high. The Yen will continue its rise if it breaks above the resistance at level 164.00. If the currency pair falls below the 21-day SMA support, it will continue to fall and move in the same direction.

4-Hour Chart Indicators Reading

The recent uptrend has caused the price bars to rise above the moving average lines. The Yen rises as it bounces after it declines sharply above the 21-day SMA. The Yen will rise as the price bars remain above the moving average lines.

General Outlook for EUR/JPY

The EUR/JPY pair may return to its range of 156.00 to 164.00 as it rebounds and peaks at 164.00. The price movement has been constant as the Yen drops below the barrier at 164.00. In the meantime, the forex signal is positive as it keeps retesting the resistance at level 164.00.

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