FX.co ★ EUR/JPY

EURJPY Long-Term Analysis: The 50% Fibonacci retracement at 176.191, which would suggest long-term buyer pressure, is the penultimate daily barrier for EURJPY prices, which are now languishing around 175.801. Adjustments are expected to push the bulls to a broad range around 176.851. Additionally, prices would rise further toward the 200-day moving average at 178.291 if the US index inflation suddenly declines. Bullish power seems to be growing, according to current momentum indicators. In particular, the RSI oscillator has quickly declined close to the oversold zone at the neutral level of 50, while the MACD-Histogram has retraced above its red signal line and is headed north. However, if the decrease persists, 173.401 may provide as early support. The price may go below this range and approach the 50-day moving average at 172.861. An upward retreat corrective may prove to be short-term resistance at the 179.961 consolidation level if it doesn't stop here. Before following the weekly and daily pivot point at 183.281, traders should concentrate on breaking a new barrier and maintaining prices above the neutral bottom at 181.751 to the downside. As of right now, floating prices indicate that bullish forces may seize control of the mid-to-upper band at 178.171 before allowing purchasers to make further corrections at 180.061. The 174.841 support level may now serve as resistance on the 4-hour time frame if the moving price corrects upward and eliminates some of the declining peaks. Before the bulls go for the 180.951 level, a break above this region would draw attention to the mid-to-upper 179.301 20-day and 40-day simple moving averages. The pair may attempt a multi-week higher range around 181.701 if the latter breaches. Positive mood and high-impact news data will keep driving up prices, and the Bollinger Bands and MACD mid-line parity levels will cross the 183.281 bridge once again. On the downside, the price broke below the 38.3% Fibonacci retracement level at 174.061 before surpassing the hourly closing pivot at 172.281, clouding short-term oscillators in anticipation of a downward downturn. The pair may have an upward correction and maybe reach the 50-day and 100-day simple moving averages at 178.991 if the critical bottom holds.