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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
The EUR/JPY pair is in an upward correction but risks rejection at level 143.73. At the time of writing, the Yen is trading at a level of 143.10. The moving average lines have now entrapped the currency pair. When the moving average lines are crossed, the pair will either increase or decrease. If buyers manage to sustain the price above the 21-day line SMA, the market will increase to the prior high levels of 145.00 and 146.00. On the other side, if price falls below the 50-day SMA, the Yen would decline. The pair has surged to an area of the market that is overbought.
Daily Chart Indicators Reading:
The pair is in a negative trend zone at level 47 on the Relative Strength Index for period 14. The Yen may decline even further. Also, the pair is likely to be forced into a range-bound movement because the price bars are located between the moving average lines. The currency’s price has risen to a point where the market is overbought. That is higher than level 80 of the daily stochastic.
EUR/JPY Medium-term Trend: Bearish
The Yen is in a downtrend on the 4-hour Chart. When the currency pair crossed over the 21-day line SMA, it is now correcting upward. At the most recent high, the upward corrective is being rejected. The Yen made an upward correction following the March 12 downturn, and a retraced candle body tested the 38.2% Fibonacci retracement level. The correction predicts that the EUR/JPY will drop to the Fibonacci extension level of 2.618, or level 139.26.
4-Hour Chart Indicators Reading
The Yen has entered the overbought area of the market. It is above level 80 of the daily Stochastic. The currency pair is likely to fall as it reaches the overbought region. The fact that the price bars are situated in between the moving average lines suggests that the currency pair may be fluctuating within a range. The moving average lines’ downward slope reveals a negative trend.
General Outlook for EUR/JPY
The exchange rate of the Euro and the Yen is now declining as it risks rejection at level 143.73. The currency pair will encounter resistance at the 144.00 level, which will increase further declines. Presently, it is correcting upward in the overbought region of the market.
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