The EUR/PY Is Aiming For Its Previous Low Of 155.00

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: Bearish

The EUR/JPY pair has renewed selling pressure after breaking below the moving average lines as it aims for its previous low of 155.00. In the previous price action, the currency pair rose to 175.42. The Yen has entered the overbought sector of the market, resulting in the drop.

On the downside, the bears broke below the moving average lines. The Yen has fallen to a low of 159.79 at the time of writing. Nonetheless, the slide will hit the historic low of 155. The upward trend will resume if the support level of 155.00 holds.

Weekly Chart Indicators Reading:

The price bars have slipped below the moving average lines due to a downtrend. Despite the downturn, the moving average lines slope northward. The bearish momentum has broken below the breakout mark of 164.30. The bears are chasing the previous low of 155.00.

EUR/JPY Medium-term Trend: Bearish

On the daily chart, the Yen has dropped substantially, reaching 158.68. The bears have shattered the support levels, reaching the crucial support of $155.00. The critical support is the January 2 historical price level. If the historical price level of 155.00 remains unchanged, the currency pair will resume its bullish advance.

Daily Chart Indicators Reading

The price bars are below the sloping moving averages. On the daily chart, the moving average lines have formed a bearish crossover. That is, the 21-day SMA has crossed below the 50-day SMA, signaling an additional decrease in the currency pair.

General Outlook for EUR/JPY

The Yen is in a slump as it aims for its previous low of 155.00. The currency pair has broken below the breakthrough level of 164.00, continuing its downward trend. The pair has touched 158.00, but it is projected to return to its historical price of 155.00. The forex signal remains negative as the pair continues to drop.


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