EUR/JPY Battles Initial Resistance as It Targets Level 148.00

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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
The EUR/JPY pair is rising again as it targets level 148.00. After pulling back, the Yen rose back above the moving average lines. The high of level 148.00 is probably within reach given the current bullish trend. On May 9, a retraced candle body on a weekly chart tested the 61.8% Fibonacci retracement line. According to the retracement, EUR/JPY will increase to level 1.618 of the Fibonacci extension, or level 148.88.

Daily Chart Indicators Reading:
The EUR/JPY pair is at level 57 for period 14 of the Relative Strength Index. It shows that the pair is in a bullish trend zone and is likely to continue rising. The price bars are above the moving average lines, which suggest that the price will rise even further. The uptrend is shown by the sloping higher 21-day and 50-day SMA lines.


EUR/JPY Medium-term Trend: Bullish
The price of the pair has broken above both the 21-day and 50-day SMA lines on the 4-hour chart, indicating an uptrend. The market’s overbought area has been reached by the rise. In the overbought area, sellers will appear to block the upward movement.

4-Hour Chart Indicators Reading
The daily Stochastic for the Yen is above level 80. The Yen has overbought and could be rejected at the most recent high. The price bars are above the moving average line, indicating a potential price increase. The overbought area is where the Yen is initially meeting resistance.

General Outlook for EUR/JPY
The EUR/JPY is trading in the bullish trend zone as it targets level 148.00. Initial resistance for the rise is present at level 145.00. When the initial resistance is surmounted, the uptrend will resume.

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