The EUR/JPY Stalls below the 174.00 Barrier

EUR/JPY Significant Levels

Resistance Levels: 172.00, 174.00, and 176.00
Support Levels: 164.00, 162.00, and 160.00

EUR/JPY Price Long-term Trend: Ranging

The EUR/JPY pair surges above the moving average lines but stalls below the 174.00 barrier. Since July 28, the currency pair has been trading in a narrow range of $170 to $174.00. Doji candlesticks have dominated price movement, causing it to be slow. Neither sellers nor buyers have pushed the Yen above its range-bound levels. The currency pair’s risks are reducing as it reaches the market’s overbought zone. Since 2024, the Yen has not topped 174.00.

On September 8, the Yen encountered the opposition zone and was repelled. The price dropped above the 21-day SMA and maintained its range-bound movement. Today, the currency pair is trading at 173.02.

Daily Chart Indicators Reading

The price bars have moved above the horizontal moving average lines. The 21-day SMA is sliding horizontally above the 50-day SMA support level. The Yen will rise as long as the price bars are higher than the moving average lines. Doji candlesticks dominate the price movement.

EUR/JPY Medium-term Trend: Ranging

The EUR/JPY continues its sideways trend. The currency pair is trading above level 171.00 but below level 174.00. The currency price has fluctuated both below and above the moving average lines. Since September 12, the upward movement has been limited to the 21-day SMA support and below the 173.60 resistance level.

4-hour Chart Indicators Reading

The moving average lines are sloping horizontally, but the 50-day SMA is higher than the 21-day SMA. The currency will continue to increase if the 21-day SMA rises above the 50-day SMA. On the positive side, the lengthy candlestick wicks imply significant selling pressure at the recent high.

General Outlook for EUR/JPY

The EUR/JPY pair remains in a range-bound move but stalls below the 174.00 barrier. Since July 2024, the Yen has yet to surpass the overhead resistance at 174.00. The currency pair will tumble if sellers emerge in the market’s overbought zone. Currently, the price movement is constrained to a narrow range above the moving average lines and below the level of 173.60. The Yen will remain range-bound as Doji candlesticks dominate price movement.

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