EUR/JPY Continues Its Fall as It Risks Decline to Level 142.79

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

EUR/JPY Price Long-term Trend: Bearish
EUR/JPY pair has resumed selling pressure as it risks decline to level 142.79. The Yen surged to a high of level 148.40 on October 21 but then fell back above the level of 145.59. The Yen has been bouncing below the support at level 147.00 since October 18. On the upside, it is unlikely that the pair will move higher from here given that the market has entered an overbought zone. The Yen will drop to a low of level 142.79 on the downside if it breaks through the resistance zone.

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 shows that the EUR/JPY has dropped to level 50. It suggests that the forces of supply and demand are in equilibrium. The price bars are in between the moving averages, indicating that the currency pair will move in a range.

EUR/JPY Medium-term Trend: Bearish
The bullish trend zone on the four-hour chart is rejecting the Yen. Before the decline, the bulls tested the resistance area three more times. The oversold area of the market has been reached by the currency pair. Additional sales are improbable.

4-Hour Chart Indicators Reading
The pair is under the 20% range of the daily stochastic. The oversold area of the market for the currency has been reached. The price market will be taken over by buyers. The 21-day and 50-day SMA lines’ downward slopes serve as indicators of the downtrend.

General Outlook for EUR/JPY
The oversold area of the market for EUR/JPY has been reached as it risks decline to level 142.79. But before the uptrend resumes, the current selling pressure will drag the price down to level 142.79.

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