The EUR/JPY Soars as It Maintains Its Bullishness

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 rate maintains its bullishness while breaking above the expected price level. The Yen has been in a range-bound advance above level 161.00 and the resistance at 164.00 on the weekly chart. The positive momentum started its bullish trend on June 2 after breaking above the resistance at level 164.00.

The Yen has risen to its highest level of 168.32 today. The price indicator predicts that the Yen will rise to level 171.31, or the Fibonacci extension of 1.618. Meanwhile, the currency pair has risen to the level of 168.00 mark.

Weekly Chart Indicators Reading:

The sideways trend has resulted in horizontal moving average lines.The 21-day SMA is below the 50-day SMA as of November 2024. Currently, there is a chance that the 21-day SMA will overtake the 50-day SMA. The 21-day SMA will cross above the 50-day SMA, signaling the start of an upward trend.

EUR/JPY Medium-term Trend: Bullish

The Yen started a bullish run above the level 164.00 barrier, breaking the price range on the daily chart. The bullish momentum encountered an early resistance at level 167.00 on June 16. At level 167, the Yen broke above the resistance after retreating to level 166.32. It is anticipated that the positive momentum will peak at level 171.00.

Daily Chart Indicators Reading

On the daily chart, the moving average lines are sloping upward. The uptrend is shown by the 21-day SMA sloping above the 50-day SMA.The upward trend will continue as long as the price bars remain above the moving average lines. The current upward trend will cease when the price falls below the moving average lines.

General Outlook for EUR/JPY

The Yen is now back on its upward trajectory as it maintains its bullishness. The Yen’s target price is level 171.31. The bullish momentum is likely to run into early resistance at level 170.00. The previous price action’s bullish momentum was resisted once before breaking above it. The forex signal remains upbeat, nevertheless, because the Yen has maintained its recent upward trend.

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