EUR/JPY Encounters Resistance as It Declines to a Level of 142.42

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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 now trading in the bearish trend zone as it declines to a level of 142.42. The duo was repulsed on December 12 after reaching a high of level 145.32. The moving average lines were broken and the Yen price pulled back yesterday. If the price drops below the SMA for the 21-day line, selling pressure can pick up again. In the meantime, the pair is confined between the moving average lines.

EUR/JPY Encounters Resistance as It Declines to a Level of 142.42
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
According to the Relative Strength Index’s period 14, the EUR/JPY pair is at level 49. It demonstrates that supply and demand are in balance. The fact that the price bars fall between the moving average lines shows that the pair may move in a range. The lateral movement is shown by the horizontal sloping of the 21-day and 50-day SMA lines.


EUR/JPY Medium-term Trend: Bearish
The Yen price on the 4-hour chart has deviated below the moving average lines but is now pinned at the 50-day line SMA. Currently, there is movement in the currency pair between the moving average lines. The Yen had an upward corrective during the December 13 downturn, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, EURJPY will drop to level 1.618 of the Fibonacci extension, or level 142.42.

EUR/JPY Encounters Resistance as It Declines to a Level of 142.42
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The daily Stochastic’s level 40 is below the Yen, which is experiencing negative momentum. Because the price bars are situated between the moving average lines, a range-bound movement may be imminent. The trend is indicated by the horizontal sloping of the moving average lines.

General Outlook for EUR/JPY
The Yen encounters resistance at the most recent high as it declines to a level of 142.42. The 21-day line SMA has been broken by sellers, indicating that the pair will continue to decline. The value of the currency might drop as low as level 142.42.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.