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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 has risen above the moving average lines as it recovers above level 165.57. During the last price activity, the Yen was in an uptrend and soared to a level of 171.58. The currency pair fell when the market entered an overbought zone.
The bearish momentum continued below the moving average lines but paused above the 50-day SMA or level 164.06 support. The bulls bought the dips as the pair resumed its upward trend. The currency pair is surging above its moving average lines.
It is now worth level 166.44. Buyers will seek to push the Yen to its prior high of 171.00.
Daily Chart Indicators Reading:
The currency price bars are now above the moving average lines after previously being trapped between them. The Yen will continue to strengthen as long as the price bars remain above the moving average lines. The moving averages are trending upward, indicating that the rally will continue.
EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is reversing its recent downward trend. The pair has moved above the 21-day SMA but remained below the 50-day SMA. The upward trend is met with resistance at a high of 166.75. However, the existence of Doji candlesticks has restrained the price movement. Nonetheless, the currency will trend if the price breaks the moving averages.
4-hour Chart Indicators Reading
The Yen made an upward corrective but became caught between the moving average lines. Breaking the moving average lines will determine whether the move is upwards or downwards. For example, if the bulls breach the 50-day SMA, the Yen will rise.
It will rise and return to the prior peak. The currency will decline if the bears breach the 21-day SMA. That is, the Yen will resume selling pressure.
General Outlook for EUR/JPY
The EUR/JPY resumes its rising trend as it recovers above level 165.57. The upward trend is encountering an initial resistance at level 166.75. If the initial barrier is broken, the currency pair will increase further. However, if the upswing is stifled by resistance at 166.75, the pair will be forced to trade in a range.
Meanwhile, price bars continue above the moving average lines, indicating a favorable forex signal.
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