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Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00
EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY pair is in decline as it finds support above level 161.68. The current trend has terminated when it reaches level 163.72 and is resisted. The Yen has fallen toward the moving average lines.
The present rally could continue if it retraces and remains above the moving average lines. The Yen is now trading at 162.55 as of this writing. However, if the price falls below the 21-day SMA, the slide will accelerate. The currency pair will fall further, reaching a low above the 50-day SMA support, or level 159.00.
Daily Chart Indicators Reading:
The cost bars retraced above the moving average lines after being rejected at the overhead resistance. The rising movement will continue as long as the price bars are above the moving average lines. Since February 8, the Yen has regularly traded above its moving average lines.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in a smooth advance, reaching a high of 163.72. The uptrend has been halted as it faces rejection at the 164.00 barrier level. The currency pair has slipped below its moving average lines. This could allow the bearish trend to extend to the low of 159.00.
4–Hour Chart Indicators Reading:
The moving average lines continue sliding northward following the previous breakdown. In other words, the price bars are lower than the moving average lines, indicating that the currency pair will continue to decrease. The Yen has plummeted and is testing the important support level of 161.00. When the support is breached, the market will fall to as low as 159.00.
General Outlook for EUR/JPY
The EUR/JPY is falling above the moving average lines as it finds support above level 161.68. If the retracement continues above the 21-day SMA or level 161.00, the forex signal will turn bullish. However, if the bears break through the 21-day SMA, negative momentum will resume.
The pair is retesting the current support with a long candlestick tail.
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