The EUR/JPY Stalls but Remains Stable around 166.50

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 currency pair trades above the moving average lines but remains stable around 166.50. On October 30, the uptrend stalled as the Yen was compelled to move sideways. The Yen fell to level 164.00 before consolidating above the present support. Doji candlesticks have appeared restraining price increases. The currency pair will gain if it remains above the moving average lines.

However, if the price breaks above level 166.50 and the positive trend continues the Yen will resume its advance. Meanwhile, the price movement has been stable as the Doji candlesticks appear. The Yen is presently valued at level 165.79.

Daily Chart Indicators Reading:

The price bars are above the 21-day SMA as they cross above the 50-day SMA. This suggests that the currency pair will continue to rise. The Yen is distinguished by Doji candlesticks, which cause the market to remain stable.

EUR/JPY Medium-term Trend: Ranging

On the 4-hour chart, the Yen has entered a sideways trend after encountering resistance at 166.50. The currency is currently trading above 165.00 but below the resistance level of 167.00. The Yen has reversed and resumed consolidation above 165.00. The trend will resume if buyers retain the price above the barrier of 167.00. Meanwhile, traders remain unclear about the market’s trajectory.

4-hour Chart Indicators Reading

The price bars are between the moving average lines, indicating that the currency pair will fluctuate further over the next few days. The moving average lines slope horizontally, indicating a sideways trend. The price action is distinguished by long candlestick tails, signaling high buying pressure.

General Outlook for EUR/JPY

The EUR/JPY pair has halted but remains stable around 166.50. The Yen has likewise found support above 165.00, compelling it to trade in a range-bound manner. The price movement has stayed consistent in a narrow range due to the formation of small-body indecisive candlesticks. The candlesticks represent traders’ hesitation above the market.


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