EUR/JPY Is in a Range but Risks Decline at Level 146.00

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

EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY pair is in an upward correction but risks decline at level 146.00. The pair has been trading between the moving average lines ever since the price collapse on November 9. The 21-day line SMA is where the upward advance is currently stalled. The currency will presumably stay contained between the moving average lines. When the moving average lines are crossed, the pair will trend. The level 146.00 resistance zone is where the pair is currently experiencing rejection.

Daily Chart Indicators Reading:
According to the Relative Strength Index for period 14, the EUR/JPY pair is at level 52. The pair is in the uptrend zone. The price bars are in between the moving average lines, suggesting that the pair may move in a range-bound fashion.

EUR/JPY Medium-term Trend: Bullish
The Yen is currently trading in the bullish trend zone on the 4-hour chart. The level 146.00 resistance zone is where the upward movement is met with refusal. A retraced candle body on the upward trend of November 21 tested the 78.6% Fibonacci retracement line. The retracement suggests that the EURJPY will increase before turning around at the Fibonacci extension level of 1.272, or level 145.7.

4-Hour Chart Indicators Reading
The daily Stochastic’s level 70 is where the Yen is in a bullish momentum. The overbought area of the market is getting closer. The uptrend is indicated by the upward sloping 21-day and 50-day SMA lines.

General Outlook for EUR/JPY
The EUR/JPY is trading in an overbought area but risks decline at level 146.00. The advance in the EUR/JPY will stop at either the Fibonacci extension level of 1.272 or level 145.74. Buyers are having trouble breaking through the level 146.00 resistance zone.


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