EUR/JPY Is in a Range as It Faces Rejection at Level 158.00

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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
Since June 15, the EUR/JPY pair has hit the overbought territory as it faces rejection at level 158.00. On June 27, the currency pair rose to a high of 157.93 before falling back. The Yen is currently trading between levels 156.00 and 158.00.

It is unlikely that the Yen will continue to rise. If sellers breach the 156.00 support level or the currency price goes below the moving average lines, the present rally may come to an end. The Yen is currently trading in the market’s overbought zone.

Daily Chart Indicators Reading:
The Yen is at level 73 of the Relative Strength Index for period 14. Since June 15, the market has been overbought. The price bars are above the moving average line, indicating that the market is in an uptrend.The moving average lines are still in the bullish trend zone.

EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an uptrend. Since June 27, buyers are finding penetration difficult at the 158.00 resistance zone. The Yen is now fluctuating between levels 156.00 and 158.00. The uptrend may continue if the bulls breach the recent high.

However, the market has reached the overbought region, and further upward movement of price is doubtful.

4–Hour Chart
The Yen is gaining ground above level 50 of the daily Stochastic. The bullish momentum has slowed as the market reached overbought territory. The price bars are above the moving average lines, indicating that the pair will continue to rise.

General Outlook for EUR/JPY
EUR/JPY has entered the market’s overbought zone as it faces rejection at level 158.00. The Yen is now trading between levels 156.00 and 158.00. The Yen is unlikely to break over the 158.00 barrier level.If the current support level is breached, the downturn would resume.

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