EUR/JPY Continues Its Sideways Move as It Faces Rejection at Level 142.00

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

EUR/JPY Price Long-term Trend: Ranging
The EUR/JPY pair is beginning its range-bound move as it faces rejection at level 142.00. The Yen has been ranging between levels 138.00 and 143.00 since December 28, 2022. Today, buyers have raised the moving average lines for the currency pair. At level 143.00, the upward movements are being rejected. If the barrier at level 143.00 is broken, the Yen will move higher to levels 146.00 and 147.00. The current upswing is currently declining after being rejected at the most recent high.

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 has the Yen at level 52. As the pair experiences rejection at the most recent high, the upward trend has been erratic. Above the moving average lines, the price bars are unsteady. The trend is indicated by the sideways-sloping moving average lines.

EUR/JPY Medium-term Trend: Ranging
The Yen is trading in a constrained range between levels 140.00 and 143.00 on the 4-hour Chart. The resistance has been tested twice by buyers, but they were unsuccessful. Below the resistance level, the upward movement has been restricted.

4-Hour Chart Indicators Reading
The daily stochastic is over level 80. It implies that the market has reached the overbought region. The bullish impetus has peaked, and the Yen may now start to drop. The moving average lines slant oppositely from the market’s trend as it continues.

General Outlook for EUR/JPY
The EUR/JPY pair is still moving in a narrow range as it faces rejection at level 142.00. The pair is currently gaining after being rejected in the overbought area of the market. The resistance at level 143.00 may be tested again by the Yen.


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