The EUR/JPY Rises As It Surpasses The Obstacle At 165.00 

Azeez Mustapha


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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 pair continues its upward trend as it surpasses the obstacle at 165.00. During the previous price movement, purchasers attempted twice but failed to keep the price above the overhead barrier. Following the rejection, the Yen fell below the moving average lines, but the bulls benefited from the decline.

Buyers pushed through the overhead resistance on April 23, 2024, sending the currency pair to a high of 165.77. The Yen will continue to rise and overcome the next obstacle at 166.00.

The EUR/JPY Rises As It Surpasses The Obstacle At 165.00
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The price bars are above the upward sloping moving average lines. The 21-day SMA is the support line that is higher than the 50-day SMA. The uptrend will continue as long as price bars remain above the moving average lines. The uptrend will be terminated when the price falls below the moving average lines.  
 EUR/JPY Medium-term Trend:
The 4-hour chart shows the Yen in a sideways trend. The currency pair has been trading below its overhead resistance level of 165.00. The currency pair has been trading between 162.70 and 165.00. On April 23, the bulls broke above the overhead barrier at level 165.00 and maintained their bullish momentum to the high of level 165.77.  

 The EUR/JPY Rises As It Surpasses The Obstacle At 165.00
EUR/JPY – 4-hour Chart

4-hour Chart Indicators Reading  
The moving average lines are trending northward, indicating the current uptrend. The price bars have risen above the 21-day SMA, which serves as the support line for the moving averages. The Yen shows a bullish crossover, with the 21-day SMA crossing the 50-day SMA. This represents a bullish signal.

General Outlook for EUR/JPY
The currency pair has resumed a positive trend as it surpasses the obstacle at 165.00. The Yen is currently in a bull market and may continue to soar beyond level 166.00. The forex signal has stayed bullish since the latest breach above level 165.00.  
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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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