EUR/JPY Is in a Downtrend as It Targets a Level of 139.76

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
EUR/JPY pair has resumed selling pressure as it targets a level of 139.76. Buyers could not sustain the bullish momentum as it reaches an overbought region of the market. The Yen has retraced above the moving average lines. The selling pressure will resume if price breaks below the moving average lines. The currency pair has fallen to the low of level 141.74 at the time of writing.

https://learn2.trade/eur-jpy-reaches-overbought-region-as-it-hovers-above-level-144-00-2
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 53 of the Relative Strength Index period 14. It indicates that the pair is in the bullish trend zone despite the retracement. The price bars are above the moving average lines. The pair will rise again if price holds above the moving average lines. The downtrend will resume if price breaks below the moving average lines. The moving average lines are sloping horizontally indicating the sideways move.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is in a downtrend and has broken below the moving average lines. Meanwhile, on September 14 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that EUR/JPY will fall to level 2.0 Fibonacci extension or level 139.76.

EUR/JPY Is in a Downtrend as It Targets a Level of 139.76
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. The Yen has reached the oversold region. The current selling pressure is reaching bearish exhaustion. The price bars are below the moving average lines indicating further downward movement of prices.

General Outlook for EUR/JPY
EUR/JPY is in a downtrend as it targets a level of 139.76. The Yen has reached the oversold region of the market. The current selling pressure may terminate soon.


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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

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.