EUR/JPY Decreases as It Continues Its Downward Swing to Level 144.41

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
The EUR/JPY is decreasing while it is still in the favorable trend zone as it continues its downward swing to level 144.41. The present uptrend has stopped as a result of the price breaking below the 21-day SMA. The decline will extend to the next moving average line. If the moving average lines are broken, the negative movement will accelerate. The price signal has indicated a further downward swing. The downturn that began on May 4 saw the Yen make an upward corrective, and a candle body tested the 61.8% Fibonacci retracement level. The correction predicts that the EUR/JPY will fall to the Fibonacci extension level of 1.618, or level 144.41.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the Yen has decreased to level 50. It suggests that the market has arrived at a neutral price level. That means that supply and demand are now in balance. Given that the price bars are located between the moving average lines, the Yen might be forced to move in a range. The upward-sloping moving average lines show the prior trend.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is falling below the moving average lines. The Yen dropped to a record low of 147.34 on May 10. The current support has held for the previous 48 hours as the currency pair continues to fall, but the bears have been unable to breach it.

4-Hour Chart Indicators Reading
The Yen has entered the market’s oversold territory. The daily Stochastic is below level 20 at this time. As the market approaches the oversold area, the selling pressure should ease. Doji candlesticks dominate the price movement.

General Outlook for EUR/JPY
The currency pair is currently in a negative trend as it continues its downward swing to level 144.41. The Yen is currently trapped by the moving average lines. The value of the currency must move in a range if the moving average lines are not broken. The selling pressure will intensify if the price drops below the moving average lines.


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