EUR/JPY Enters the Overbought Zone as It Aims for 150.84

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RESULTS

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 has broken through the resistance at level 145.00 as it aims for 150.84. Since March 1, the bulls have had trouble breaking through the resistance at level 145.00. On April 10, however, the bulls managed to overcome the current resistance level at 145.00 and reach a new high of level 146.08. The upward trend is probably going to continue. A retraced candle body on the uptrend that began on March 31 tested the 50% Fibonacci retracement level in the interim. The retracement predicts that the EUR/JPY will rise to the Fibonacci extension’s level 2.0, or level 150.84.

Daily Chart Indicators Reading:
The pair has risen to level 62 on the Relative Strength Index for period 14. This suggests that the pair will continue to move higher. The upward slope of the moving average lines indicates an uptrend. The Yen will increase as long as the price bars are above the moving average lines.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is making higher highs and higher lows. The Yen market has reached overbought status. The pair may begin to decline as it gets closer to the overbought region of the market.

4-Hour Chart Indicators Reading
The EUR/JPY has reached the point of bullish exhaustion as it moves closer to the overbought region. The pair is above the daily Stochastic level of 80. The fact that the price bars are higher than the moving average suggests that the market will increase to its previous highs. The moving average lines have an upward slope.

General Outlook for EUR/JPY
The EUR/JPY pair has continued to rise as it aims for 150.84. The pair is moving toward the overbought area of the market. The Yen could fall if it is overbought. However, the current price suggests that the Yen will eventually rise to a level of 150.84.


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