EUR/JPY Halts as It Faces Rejection at Level 148.00

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 been rising since it soared to a high of level 147.62 but faces rejection at level 148.00. The current surge is projected to continue moving upward. The pair is once more testing the historical price level of 148.00. According to the price indicator, the market will rise to its previous high of level 150.00. The Yen is getting near to reaching level 148.00, based on market activity.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the pair has increased to level 67. The overbought area is being approached by the current trend. Sellers will appear in the overbought area to drive prices down. Indicators of upward momentum include price bars that are above moving average lines. In accordance with the uptrend, the moving average lines have an upward slope.

EUR/JPY Medium-term Trend: Bullish
The EUR/JPY has climbed to the overbought area of the market on the 4-hour chart. The Yen is swaying below the level of 148.00 resistance. When this resistance level is breached, the present upswing will continue.

4-Hour Chart Indicators Reading
As it approaches the overbought area, the EUR/JPY has reached the point of bullish exhaustion. The pair is above the daily Stochastic’s level of 80. The daily Stochastic is moving below and above level 80 on the market. When price bars are above moving average lines, a pair may increase.


General Outlook for EUR/JPY
The Yen has risen dramatically but faces rejection at level 148.00. The pair is said to have entered the overbought area around level 148.00. The bullish trend may halt in the overbought area as it reaches bullish exhaustion.

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