EUR/JPY Continues Its Upward Advance as It Targets Level 149.17

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 Yen has been rising since February 13 as it targets a level of 149.17. On April 24, the Yen surged to a high of 148.00 before dropping. When it made a low at level 146.28, it turned back up. Today, the Yen reached a high of level 147.47. The pair will rise to the target price of level 149.00 if the current obstacle is overcome. On the upswing of March 31, a retraced candle body tested the 61.8% Fibonacci retracement line. The retracement predicts that the EUR/JPY will rise to level 1.618 of the Fibonacci extension, or level 149.17.

Daily Chart Indicators Reading:
The pair has risen to level 60 on the Relative Strength Index for period 14. Despite the setback, the Yen is still in the bullish trend zone. The present resistance level of level 148.00 is anticipated to be broken by the pair. The pair has continued to rise as the price bars remain above the moving average lines.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is on an upward trend. The upward advance is currently meeting resistance at level 148.61. The uptrend will restart once the current resistance is broken. The moving average lines have been breached by the Yen, which will force the cryptocurrency to keep declining.

4-Hour Chart Indicators Reading
The daily Stochastic’s level 50 is where the pair is in a bullish momentum. The obstacle at level 148.00 has slowed down the positive momentum. The upward slope of the moving average lines indicates an uptrend. The present climb is likely to be delayed because the price bars are between the moving average lines.
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General Outlook for EUR/JPY
The currency pair continues to go upward as it targets level 149.17. The price indicator predicts that level 1.618 of the Fibonacci extension, or level 149.17, will be reached by the EUR/JPY. At level 148.00, the bullish momentum is still stuck. The current range for the currency pair is between 146.00 and 148.00.


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