EUR/JPY Is in a Minor Retracement, May Find Support Above Level 140.00

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

EUR/JPY Price Long-term Trend: Bullish
EUR/JPY pair is trading in the bullish trend zone as it may find support above level 140.00. Recently, it rallied to a high of level 144.25. The currency pair is retracing after reaching an overbought region of the market. The uptrend will resume if the pair retraces above the moving averages. The downtrend will resume when price breaks below the moving averages. The Yen will revisit the previous lows of 133.00 or 132.65.

Daily Chart Indicators Reading:
The Yen is at level 55 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone and capable of a further upward move. The price is above the moving averages indicating further upward movement of prices. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in a smooth uptrend. The Yen price is making a series of higher highs and higher lows. The current trend has been terminated. The Yen has been resisted at level 144.00 high as price breaks below the moving averages.

4-Hour Chart Indicators Reading
EUR/JPY is below the 20% range of the daily stochastic. The pair has fallen to the oversold region because of the selling pressure. The current downtrend has reached bearish exhaustion. Buyers are likely to emerge in the oversold region of the market. The price bars are below the moving averages

General Outlook for EUR/JPY
EUR/JPY is in a downward move as it may find support above level 140.00 The Yen is still trading in the bullish trend zone. The current selling pressure has subsided.

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