Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00
EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY’s drop subsides above the low of 158.50 as it achieves bearish exhaustion. Furthermore, the currency pair has been caught between the moving average lines since January 31, 2024. On February 1, bulls bought dips when the Yen fell below 158.07.
The Yen then made an upward reversal, reaching a high of 160.26. The pair dropped between the moving average lines, reversing the upward correction. In other words, EUR/JPY is bound to move between 158.00 and 160.00.
The currency pair is expected to fluctuate for a few days while in a range. When range-bound levels are breached, the Yen will trend.
Daily Chart Indicators Reading:
Since January 31, the Yen has been caught between the moving averages. In other words, the price bars fall between the moving average lines. The trend will be defined when the price breaches either the 21-day or 50-day SMA. The moving average lines move horizontally.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has been declining. The fall has subsided after reaching a low of 158.08. Later, the Yen attempted an upward correction that was rejected, forcing it to resume a sideways trend. Currently, the Yen is consolidating above the level of 158.96.
4–Hour Chart Indicators Reading:
The currency price bars are below the moving average lines, indicating an earlier drop. The consolidation suggests that the selling pressure may be ending. The moving average lines are sliding southward, indicating the downturn.
General Outlook for EUR/JPY
The EUR/JPY is in a sideways trend as it achieves bearish exhaustion. The pricing range for the currency pair is 158.00 to 160.00. Similarly, the pair is trading between the moving average lines. The confinement of the currency pair causes the Forex signals to be range-bound until there is a price breakout or breakdown.
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