EUR/JPY Is in an Overbought Region as Bulls Target Level 141.14
Login

EUR/JPY Is in an Overbought Region as Bulls Target Level 141.14

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:

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
EUR/JPY pair is in an uptrend as bulls target level 141.14 . After the retracement, it consolidated above level 134.50 and resumed a fresh uptrend. There is likelihood of further upward move but the uptrend is doubtful as the market reaches the overbought region. Meanwhile, on March 28 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise but reverse at level1.272 Fibonacci extension or level 141.14.

EUR/JPY is an Overbought Region as bulls target level 141.14
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 69 of the Relative Strength Index for period 14. The currency pair is in the uptrend zone and has reached the overbought region of the market. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The pair has a bullish crossover. That is, the 21-day SMA crosses above the 50-day SMA indicating a buy orders .

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in an uptrend. The uptrend has been terminated at the high of level 137.12 as the pair retraced to 136.48low. Meanwhile, on April 11 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise but reverse at level1.272 Fibonacci extension or level 137.82.

EUR/JPY is an Overbought Region as bulls target level 141.14
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. The pair has reached the overbought region of the market. The 21-day line and the 50-day line moving averages are sloping horizontally.


General Outlook for EUR/JPY
EUR/JPY pair has reached the overbought region of the market as bulls target level 141.14 . The price indicator has indicated a reversal at level 141.14.


You can purchase crypto coins here: Buy LBlock:


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News