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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 currency pair has been rejected twice at the 164.00 overhead resistance zone as it approaches level 160.90. The decrease is heading in the direction of the moving average lines. On the downside, if the currency pair breaks below the 21-day SMA, the negative momentum will extend to the bottom above the 50-day SMA.
In other words, the market will hit a low of 159.91. The pair is currently approaching the moving average lines. If the EUR/JPY retraces above the moving average lines, it will be forced to move sideways above the moving average lines.
At the time of writing, the Yen is worth 162.36.
Daily Chart Indicators Reading:
The Yen is retracing as it hovers above the 21-day simple moving average. The upward trend will continue if the currency pair maintains its position above the moving average lines. The current bullish trend will cease if the bears breach below the 21-day SMA.
The moving average lines are pointing northward, indicating that the trend is up.
EUR/JPY Medium-term Trend: Bearish
The Japanese yen is falling below the moving average lines. There is a chance that the currency pair will continue to fall. At the time of writing, the fall had reached level 162.39. On the downside, if the bearish momentum continues, the market will reach a level of 160.90.
4–Hour Chart Indicators Reading:
The price bars on the 4-hour chart are below the moving average, which may cause the Yen to fall further. The upward-moving average lines are horizontally sloped, indicating a sideways trend. Following the rejection at level 164.00, the Yen has been in a sideways trend.
General Outlook for EUR/JPY
The currency pair is falling as it approaches level 160.90. The price indicator predicts that the value of the Yen will be 160.90.
On November 21, the pair touched a low of 161.49 and then pulled back.
Despite this, the EUR/JPY is declining as it gets closer to the current support level. The pair will reach the anticipated price level if the present support level is broken.
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