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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 pair rebounds from its dip after slipping between the moving averages as it rises. In the preceding price movement, the Yen fell to 164.01 before rebounding. The bullish momentum broke past the 21-day SMA, reaching the previous high of level 169.39.
Since May 14, the upward advance has stalled due to opposition at the recent high. On April 29, the Yen faced early rejection at 169.39 and fell to a low of 164.01. Today, the bulls are facing the same resistance level, while the Yen has begun volatility below it.
If the currency pair is rejected at the recent high, it will trade above the moving averages but below the recent high. The EUR/JPY exchange rate is 169.24 as of this writing.
Daily Chart Indicators Reading:
On May 6, the Yen recovered and rose above the moving average lines.The currency pair will rise as long as the price bars are higher than the moving average lines. The moving average lines are trending higher, indicating an uptrend.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the currency pair is in a sideways trend after the Yen encountered resistance at 171.58. The Yen is trading lower than its high of 169.24. If the current resistance level is breached, the uptrend will resume. The price action is currently defined by Doji candlesticks, which limit price movement.
4 -Hour Chart Indicator Reading
The price bars are below and above the moving average lines as the currency pair continues to drift sideways. Currently, the price bars are above the 21-day SMA but are repelled by resistance at 169.24. The Yen is stabilizing above its 21-day SMA.
General Outlook for EUR/JPY
Currently, the currency pair is in a sideways trend above the moving average lines but below the resistance level of 169.39 as it rises. Since April 26, the Yen has not broken the resistance level of 169.39. The pair is trading below the barrier level in anticipation of a bullish trend.
Meanwhile, the development of Doji candlesticks has muted price movements. The forex signal is positive as the Yen resumes its bullish ascent.
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