EUR/JPY Is in a Sideways Move as Bulls Fail to Breach Level 137.54

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
EUR/JPY pair is in an uptrend as bulls fail to breach level 137.54. The Yen rallied to the high of level 137.54. On March 28, the currency pair was repelled as it reached the overbought region of the market. The pair declined to level 134.51 and resumed a sideways trend. Since March 28, the Yen has been fluctuating between 134.51 and 137.54 price levels. The uptrend will resume if price breaks above the resistance at level 137.54. The selling pressure will resume if the bears break below the 134.51 support. Meanwhile, on March 28 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or level 141.10.

Daily Chart Indicators Reading:
EUR/JPY is at level 65 of the Relative Strength Index for period 14. The market is in the uptrend zone and it is capable of a further upward move. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The price is above the moving averages which indicate a further upward movement of the currency pair.

EUR/JPY Medium-term Trend: Ranging
On the 4- hour chart, the currency pair is in a sideways move below the resistance at level 137.51. Sellers have pushed the price to the low of level 134.51 on several occasions but pulled back to the previous highs. Buyers are retesting the previous high but could not break the recent high. However, the uptrend will continue as long as price is above the moving averages. The selling pressure will resume if price breaks below the moving averages.

4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. The pair is approaching the overbought region of the market. The 21-day line and the 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for EUR/JPY
EUR/JPY is in a sideways trend since March 28 as bulls fail to breach level 137.54. The uptrend has been hindered at the level 137.54 price level. The Yen will trend when the range-bound levels are breached.


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