The EUR/JPY Rises above 175.00 Once More

EUR/JPY Significant Levels

Resistance Levels: 172.00, 174.00, and 176.00

Support Levels: 164.00, 162.00, and 160.00

EUR/JPY Price Long-term Trend: Bullish

The EUR/JPY pair is falling as it rises above 175.00 once more. The Yen has reversed and is now hovering above the moving lines. On the downside, if the currency price falls below the 21-day SMA support, the Yen will slide above the 50-day SMA. If the currency pair retraces and remains above the 21-day SMA, it must move in a range above the 21-day SMA support. The Yen is also trading in the overbought zone of the market. The currency pair will continue to fall if sellers emerge in the market’s overbought zone. Today, the Yen has reached a low of 175.52.

Weekly Chart Indicators Reading

The weekly chart shows price bars that have retraced above the 21-day SMA support. The price bars are distinguished by Doji candlesticks, which delay price movements. The 21-day SMA is above the 50-day SMA, indicating a bullish trend.

EUR/JPY Medium-term Trend: Bullish

On the 4-hour chart, the Yen is declining below the moving average lines. The currency pair reached a low of 175.00 before recovering. On October 6, the Yen reached its current price level but then corrected upwards. The price movement is also dominated by Doji candlesticks, which indicate traders’ indecision about the direction of the market.

4-hour Chart Indicators Reading

The moving average lines slope horizontally when the 21-day SMA is below the 50-day SMA support. The price bars fall below the moving average lines, indicating the downtrend. The 50-day SMA barrier halted the upward correction. The Yen was wedged between moving average lines before it fell.

General Outlook for EUR/JPY

The EUR/JPY pair recovers as it rises above 175.00 once more. On the 4-hour chart, the Yen is trading above the 175.00 support level and below the 178.00 resistance level. The currency pair has already declined and is still above 175.00. The forex signal is bullish, with price bars staying above the 21-day SMA support.

 

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