EUR/JPY Attempts to Resume the Uptrend, Battles 144.25 High

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RESULTS

Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00

EUR/JPY Price Long-term Trend: Bullish
EUR/JPY pair is in an uptrend as bull battles 144.25 high. In the previous price action, the Yen rose to the high of level 144.25 and was repelled. On the upside, if the bulls break the resistance at $144.25, the currency will rise to level 157.00. Meanwhile, on June 9 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 2.618 Fibonacci extension or level 157.58.

Daily Chart Indicators Reading:
The Yen is at level 65 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone and capable of a further upward move. The price bars are above the moving averages indicating further upward movement of prices. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is resuming a fresh uptrend. The previous uptrend terminated at level 144.22 on June 8. The Yen retraced to the low of 137.84 as bulls bought the dips. The second uptrend has resumed but it is yet to break the resistance at level 144.22.

 4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. It indicates that the current uptrend has reached the overbought region of the market. Sellers will emerge in the overbought region to push prices down. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.


General Outlook for EUR/JPY
EUR/JPY is now in the overbought region of the market as bull battles 144.25 High. Further upward movement of the pair is unlikely. Presently, it is falling from the previous highs.



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