EUR/JPY Is in a Downtrend as It Faces Rejection at Level 135.04

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
On May 12, the EUR/JPY pair plunged below the moving averages as it faces rejection at level 135.04. The pair resumes an upward correction but could not break the resistance at level 134.56. In other words, the bulls fail to break above the 50-day line SMA. The pair is likely to fall. Meanwhile, on April 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will fall to level 1.618 Fibonacci extension or level 130.52.

EUR/JPY Is in a Downtrend as It Faces Rejection at Level 135.04
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The Yen is at level 43 of the Relative Strength Index for period 14. The Yen is now in the bearish trend zone and capable of a further upward move. The price bars are below the moving averages indicating that the Yen may fall. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency is in a downtrend. It has declined to level 132.65 and resumed upward. It fell to the oversold region of the market. Presently, the upward move has been stalled at the overbought region of the market. The pair may face rejection at the recent high.

EUR/JPY Is in a Downtrend as It Faces Rejection at Level 135.04
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
EUR/JPY is above the 60% range of the daily stochastic. It implies that the market is in a bullish momentum. The 21-day line and the 50-day line moving averages are sloping southward indicating the downtrend

General Outlook for EUR/JPY
EUR/JPY is now in a downtrend as it faces rejection at level 135.04. The Yen may further decline to the downside if it faces rejection at the recent high.


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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.