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Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00
EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY currency pair is in a downtrend as it risks a drop to level 156.55. The preceding uptrend came to an end after reaching a high of 164.30. The decline is expected to continue if the price falls below the moving average lines.
Furthermore, the price indicator has forecasted that the currency pair would continue to fall. On the November 21 price slump, the currency pair corrected upward and a candle body tested the 38.2% Fibonacci retracement line. The correction predicts that EUR/JPY will fall to level 2.618 Fibonacci extension or level 156.55.
According to the price movement, the market has dropped to a low of 158.89 at the time of writing.
Daily Chart Indicators Reading:
Given the recent loss, the price bars are below the moving average lines, indicating that the currency pair will continue to fall. Since November 15, the Yen has been overbought. Moving average lines are trending downward, signaling a drop.
EUR/JPY Medium-term Trend: Bearish
The Yen has dropped considerably on the 4-hour chart, reaching a low of 158.89. The pair will drop and retest the prior low of 157.69. The pair is currently approaching the market’s oversold zone. According to the price forecast, the Yen will fall further to a low of 156.55.
4–Hour Chart Indicators Reading:
The price bars on the 4-hour chart have fallen significantly, and the moving average lines are going southward, indicating a decline. The Yen has reached the market’s oversold zone. When the price reaches the projected level, the decrease will end.
General Outlook for EUR/JPY
The currency pair is currently in a downtrend as it risks a drop to level 156.55. The preceding sideways pattern gave rise to the current upswing, which is in decline. The Yen has slipped into the market’s oversold zone. The slump will come to an end when it reaches the low of 156.55.
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