EUR/JPY Breaks Resistance at Level 138.00, Targets Level 141.09

Updated:

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 it targets level 141.09. The Yen upward move has been facing rejection at level 140.00 overhead resistance. Today, the currency pair is trading at level 138.171 at the time of writing. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or level 141.09. From the price action, the market is rising approaching the high of 138.171.

EUR/JPY Breaks Resistance at Level 138.00, Targets Level 141.09
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The Yen is at level 61 of the Relative Strength Index for period 14. It is trading in the bullish trend zone as it approaches the overbought region. The price bars are above the moving averages as Yen resumes an upward move. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Ranging
On the 4- hour chart, the currency pair is in a sideways move after the rejection at April 28 uptrend. For the past week, EUR/JPY has been fluctuating between levels 137.00 and 138.00. Today, the bulls are attempting to break above level 138.00. The pair will resume an uptrend if the resistance is breached.

EUR/JPY Breaks Resistance at Level 138.00, Targets Level 141.09
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. It implies that the market has reached the overbought region. Therefore, the current uptrend may face rejection at the recent high. If the Yen falls from the recent high, the range-bound move will resume. The 21-day line and the 50-day line moving averages are sloping sideways move to indicate the sideways move.

General Outlook for EUR/JPY
EUR/JPY is in an uptrend as it targets level 141.09. The Yen may face rejection as the market reaches the overbought region. The pair may face a decline if the bulls fail to break the recent high.

You can purchase crypto coins here: Buy LBlock:


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.