The EUR/JPY Reverts to Its Prior Point of 166.60

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: Bullish

The EUR/JPY price has risen above the 164.00 barrier mark to reach its prior point of 166.60. The bullish momentum has peaked at 165.00. According to the price indicator, the Yen is probably going to continue rising. A retraced candle body tested the 61.8% Fibonacci retracement line during the market surge on May 29.

The retracement suggests that the Yen will continue to increase, reaching its peak at 166.20. The market was repelled at the most recent high after reaching a high of 166.60 in earlier price activity. The Yen is increasing in the meantime as it gets closer to the anticipated price level.

Daily Chart Indicators Reading:

The price bars have stayed above the moving average lines, which has allowed the Yen to continue its recovery. The lateral trend has caused the moving average lines to spread horizontally. Strong selling pressure is indicated by the lengthy candlestick wicks at higher price points.

EUR/JPY Medium-term Trend: Bullish

The Yen broke the barrier at level 164.00 and is now moving upward. After breaking and retesting the 164.00 support level, the currency pair resumed its upward trajectory. At 165.00, the Yen has broken above the resistance level. To retest the present support at level 165.00, the currency pair has retreated. The market will continue to rise if the current support remains.

4-Hour Chart Indicators Reading

The moving average lines are in a horizontal trend even though they are sloping higher. The 21-day SMA is above the 50-day SMA as the yen continues to rise. The Doji candlesticks begin to form as the Yen pauses above level 165.00.

General Outlook for EUR/JPY

The Yen has returned above the 164.00 mark to reach its prior point of 166.60. Following its rally to the desired price level of 166.20, the currency pair will be increasing. The price movement has not altered as of yet after breaking through the 165.00 barrier. The Yen’s bullish advance continues, and the forex signal remains favorable.


Make money without lifting your fingers: Start using a world-class auto trading solution.

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