EUR/JPY is in A Minor Retracement as It Recovers above Level 142.00

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 trading in the bullish trend zone it recovers above level 142.00. Buyers are attempting to push the pair above the 21-day line SMA. The uptrend will resume if buyers breach level 144.25 overhead resistance. Meanwhile, on the June 8 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Yen will rise and reach level 2.0 Fibonacci extension or level 154.43.

EUR/JPY is in A Minor Retracement as It Recovers above Level 142.00
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 55 of the Relative Strength Index for period 14. The Yen is trading now in the bullish trend zone and may further rise. The price bars are above the moving averages indicating a further rise of the pair.

EUR/JPY Medium-term Trend: Ranging
On the 4- hour chart, the Yen is in a sideways move. EUR/JPY has been trading below level 144.25 overhead resistance. On July 1, the Yen plunged to the low of 139.79 as bulls bought the dips. The Yen is rising to revisit its previous highs.

EUR/JPY is in A Minor Retracement as It Recovers above Level 142.00
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It indicates that the current uptrend has reached the overbought region of the market. The currency pair will decline as the market reaches the overbought region. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.


General Outlook for EUR/JPY
EUR/JPY is rising upward as it recovers above level 142.00. The Yen has been fluctuating between levels of 138.00 and 144.00. The uptrend will resume if the overhead resistance is breached

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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.