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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: Bearish
EUR/JPY pair is in a downtrend but may further decline to 133.52 low. However, the currency price is stuck at the 50-day line SMA. The Yen is trading above the 50-day line SMA but below the 21-day line SMA, The selling pressure will resume if price breaks below the 50-day line SMA. Meanwhile, on September 26 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that EUR/JPY will fall to level 1.618 Fibonacci extension or level 133.52. In the meantime, the bears are attempting to break below the 50-day line SMA.
Daily Chart Indicators Reading:
The currency pair is at level 47 of the Relative Strength Index period 14. It indicates that the pair is in the bearish trend zone and may further decline. The price bars are between the moving average lines indicating a range-bound move of the pair. 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 but it is making an upward correction. The price bars are between the moving average lines indicating a possible range-bound move of the pair. Meanwhile, on September 22 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will fall to level 1.272 Fibonacci extension or level 137.40.
4-Hour Chart Indicators Reading
The pair is below the 80% range of the daily stochastic. The Yen was earlier in the overbought region. The market is now in a bearish momentum. The price bars are between the moving average lines indicating a possible range-bound move.
General Outlook for EUR/JPY
EUR/JPY is trading in a range but may further decline to 133.52 low. Presently the upward correction is facing rejection at the recent high. The pair may likely decline to the downside.
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