EUR/JPY Is Falling as It Encounters Resistance at Level 141.00

Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00

EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY pair has fallen below the moving average lines as it encounters resistance at level 141.00. The Yen hit a low of 140.64 as of the time of writing. The selling pressure will intensify as soon as the price crosses below the moving average lines. Following the downtrend that began on March 13, the Yen made an upward correction, and a retraced candle body tested the 38.2% Fibonacci retracement level. According to the correction, the EUR/JPY will fall to the 2.618 Fibonacci level, or 134.38.

Daily Chart Indicators Reading:
The pair has fallen to level 40 on the Relative Strength Index for period 14. Since it is in a bearish trend zone, it might drop further.
The position of the price bars below the moving average suggests a further decline. The moving average lines are oriented southward.


EUR/JPY Medium-term Trend: Bearish
On March 15, the Yen hit a low of 139.48, and bulls bought the dips. The upward correction for the pair came to an end at the 21-day line SMA and level 142.00. The selling pressure will increase if the bulls are unable to break the 21-day line SMA.

4-Hour Chart Indicators Reading
The daily Stochastic is above level 50, and the Yen is moving upward. The 21-day line SMA provided resistance, slowing the bullish momentum. The 21-day and 50-day SMAs’ downward slopes serve as indicators of a downtrend.

General Outlook for EUR/JPY
The currency pair is still moving in a bearish direction as it encounters resistance at level 141.00. The Yen has been ranging between levels 139.00 and 142.00 since March 15. When these levels are breached, the Yen will trend. The price indicator predicts that the market will fall to a level of 134.48.

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