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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: Bearish
EUR/JPY pair is in a downtrend as it holds above level 135.00 . The currency price has been making a series of lower highs and lower lows. The upward moves have been facing rejection at the 21-day line SMA. The Yen is also characterized by small body indecisive candlesticks called Doji.
Daily Chart Indicators Reading:
EUR/JPY is at level 45 of the Relative Strength Index for period 14. It indicates that the Yen is in the downtrend zone and may decline. The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend. The index price bars are below the moving average lines indicating a downward movement in prices
EUR/JPY Medium-term Trend: Bullish
On the weekly chart, the Yen is in a downtrend and the trend has reached bearish exhaustion.On July 4 downtrend, a retraced candle body tested the 78.6% Fibonacci retrenchment. The retracement suggests that EURJPY will fall to level 1.272 Fibonacci extension or level 134.85. From the price action, the Yen has retested the 1.272 Fibonacci extensions and resumed consolidation.
Weekly Chart Indicators Reading
The pair is below the 40% range of the daily stochastic. The price bars are between the 50-day line SMA and the 21-day line SMA indicating a range-bound move
General Outlook for EUR/JPY
EUR/JPY is in a downtrend and has reached bearish exhaustion but holds above level 135.00 as bears threaten to short. The Yen ought to resume its upward move.
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