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

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.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.