Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00
EUR/JPY Price Long-term Trend: Ranging
EUR/JPY pair is in a sideways trend as it the pair reaches oversold region. The pair has rebounded above the 50-day line moving average. It implies that the upward move will resume as price fluctuates between levels 130.00 and 133.00. The resistance at level 133.00 has not been broken since June 2021. However, the upward move will face initial resistance at level 131.50.
Daily Chart Indicators Reading:
EUR/JPY is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The pair will rise as long as price bars are above the moving averages. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move.
EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency price has broken below the moving averages. The currency pair has revisited the current support at level 130.00 twice but resumed upward. The upward move is also facing rejection at level 131.90.
4-Hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. The market has reached the oversold region of the market. Buyers will emerge to push the Yen upward. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for EUR/JPY
EUR/JPY is fluctuating above level 130.00 as it the pair reaches oversold region. The bulls are attempting to push the Yen above the moving averages. If the bulls are successful, the upward move will resume.
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