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
The EUR/JPY pair is currently trading in the bullish trend zone as it finds significant resistance at 142.00. At level 142.00 resistance level, the upward movement has been constrained since December 28. The pair will trend if the moving average lines are breached. The pair will reach a high of level 146.00 if buyers are successful in sustaining the price above the 50-day SMA. If the moving average lines don’t break, the Yen will fall and start moving within its range again. If the price drops below the 21-day line, more selling pressure will be applied.
Daily Chart Indicators Reading:
The pair’s Relative Strength Index level for period 14 is 50. It implies that supply and demand are in balance. Because the price bars are situated between the moving average lines, the pair is moving in a range. The southerly slope of the moving average lines indicates the trend.
EUR/JPY Medium-term Trend: Ranging
The Yen is moving sideways beneath the barrier at level 142.00 on the 4-hour Chart. On January 23, the recent uptrend came to a stop at a level of 142.00. Yen prices are fluctuating between 140.50 and 142.00. On the 4-hour chart, the pair has deviated below the 21-day line SMA today. It could have to make a range-bound motion.
4-Hour Chart Indicators Reading
After the daily stochastic mark of 40, the Yen is in a negative momentum. The moving average lines slope sideways to represent the trend.
General Outlook for EUR/JPY
The EUR/JPY pair is confined by the moving average lines as it finds significant resistance at 142.00. If the bears cross the 21-day line SMA, the pair will fall to level 138.00 on the downside.
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