The EUR/JPY Rises Steadily Toward Its Target of 171.00

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: Bullish

The EUR/JPY exchange is continuing its upward trend as it aims for its target of 171.00. In terms of price changes, the Yen has continuously maintained a string of higher highs and higher lows. The currency pair has stopped trading below the resistance level of 170.00. The price indicator predicts that the Yen will break through the resistance level of 170.00. The Yen is anticipated to hit either the high of level 171.35 or the Fibonacci retracement level of 1.618.

Daily Chart Indicators Reading:

The moving average lines are sloping upward, and the uptrend is shown by the blue 21-day SMA being above the red 50-day SMA. Consistently, the price bars have stayed above the 21-day SMA support level. The price bars will stay above the moving average lines as long as the currency pair continues rising.

EUR/JPY Medium-term Trend: Bullish

The Yen is showing a steady upward trend on the 4-hour chart. Since hitting the peak of level 169.66, the bullish momentum has slowed. The currency pair moves below the resistance at level 170.00 but above the 21-day SMA support. When the price breaks above the resistance at level 170.00, the bullish trend will start.

4-hour Chart Indicators Reading

The price bars oscillate both above and below the moving average lines, which are heading northward. The Yen moves gradually because the price bars are denominated with Doji candlesticks. The currency pair is currently approaching the market’s overbought area. If sellers appear in the overbought area of the market, the current trend will come to an end.

General Outlook for EUR/JPY

The EUR/JPY has increased to the market’s overbought area as it aims for its target of 171.00. Since June 23, the bullish momentum has been stopped close to the resistance zone at level 170.00. Nonetheless, the price indicator has forecasted an additional higher movement for the currency pair. The recent high of the Yen is also putting it in an overbought situation. The Yen is still on a bullish run, and the forex signal is favorable.

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