Eurjpy Trades In Range

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Eurjpy Trades In Range

Eur/Jpy Trades In 164.00 - 165.00 Range

EUR/JPY is trading near the 164.00 handle on Wednesday. Most of the technical indicators are giving mixed signals, making it hard to gauge the trend of EUR/JPY.

It seems that the EUR/JPY cross is stuck in a range that starts from 164.00 and ends at 165.00. That's a 100-pip range, which will keep the price trapped in the short term.

Eur/Jpy: Rsi Shows 51 Reading

The RSI (14) on the EUR/JPY chart shows a reading of 51, which shows the indecision of the buyers. Also, the RSI's slope is flat, which further confirms that the cross lacks any definite momentum.

The MACD indicator shows red bars that are rising, which hints at the downside for the EUR/JPY. However, it has yet to materialize on the EUR/JPY chart.

Overall, the sentiment and the technical analysis show mixed signals with no definite trend. So, it is safe to say that a break of the range on either side will dictate the trend of EUR/JPY.

break of 164.00 will invite more sellers and will send the EUR/JPY lower towards 163.00. Similarly, a break of 165.00 will allow the Euro bulls to send the pair towards 165.50 and then 165.90.

If we look at the RSI, it shows a lack of momentum... However, MACD hints at the downside for the EUR/JPY. Overall, both indicators are giving mixed signals, which means it is best to wait for a price break out on the charts.

On the way down, the nearest support levels are seen at 164, 163, and then 163.00. Once the 164.00 is out of the equation, it will become easy for the EUR/JPY bears to target the next levels at 163.00 and 162.00.

We also need to consider the fact that the fundamental situation is not that good for the EUR side. With all the talks of tariffs and weak sentiment, it wouldn't be a surprise if the EUR/JPY cross takes a dip.

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