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

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

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: 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.

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

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.

EUR/JPY Is Falling as It Encounters Resistance at Level 141.00
EUR/JPY – 4 Hour Chart

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.

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