EUR/JPY Declines as It Faces Rejection at Level 142.84

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 EUR/JPY pair is trading in a bullish trend as it faces rejection at level 142.84. The Yen has broken through the resistance at level 142.00, although the positive impetus was short-lived. Since December 28, the resistance at levels 142.00 and 143.00 has prevented the Yen from moving through it. As it falls below the moving average lines, the Yen is in a bearish momentum.

Daily Chart Indicators Reading:
The pair’s 14-period Relative Strength Index level is 54. The Yen is now again trending upward. The resistance at level 143.00 prevents movement upward. Retracing above the moving average lines are the price bars. If the price bounces back over the moving average lines, the Yen will increase. The downward-sloping direction of the moving average lines indicates a decline.

EUR/JPY Medium-term Trend: Ranging
On the 4-hour Chart, the Yen is fluctuating sideways below the resistance level at 142.00. The pair rallied to the level of 142.00 resistance on February 5. At the most recent high, the upward movement was rejected. The pair will decline or resume trading sideways as the market becomes overbought.

4-Hour Chart Indicators Reading
The daily stochastic is over level 80. Bullish momentum has run its course and the Yen may now decline. As the market maintains its trend, the moving average lines slant in an opposite direction.

General Outlook for EUR/JPY
The EUR/JPY pair has been a range-bound move as it faces rejection at level 142.84. For the past two months, the pair has fluctuated between price levels of 138.00 and 142.00. It is currently falling as it approaches the overbought area of the market.


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