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

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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 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.

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.

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.

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