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 in an upward trend with a target of 146.66 in sight. A series of higher highs and higher lows are being made by the price of the Yen. At the level 145.50 high, the recent uptrend was repelled. To start a new upward movement, the Yen reversed course to its previous low of level 144.29. The current uptrend will start if the currency pair moves higher and breaks the resistance at level 145.5 0. At level 146.00, the market will reach a new high. The price indicator, however, predicts that the EUR/JPY will increase to the 1.618 Fibonacci extension, or level 146.66.
Daily Chart Indicators Reading:
The Relative Strength Index for period 14 is at level 58, and the Yen has been trading in the bullish trend zone since February 13. The moving average lines are above the price bars, which causes the Yen to increase. The upward slope of the moving average lines indicates an uptrend.
EUR/JPY Medium-term Trend: Bullish
The Yen is in an uptrend on the 4-hour chart but is pinned between the moving average lines. The resistance level of 145.50 has repelled the currency pair twice. The moving average lines are where it is currently trading. When the moving average lines are crossed, the Yen will trend. The price of the currency has dropped to a region of the market that is oversold, at 144.34.
4-Hour Chart Indicators Reading
The Yen has fallen into the market’s oversold zone. It is below the daily Stochastic level of 20. The Yen is unlikely to fall any further. Moving average lines slant upward, indicating an uptrend. The price bars are located between the moving average lines, indicating that the currency pair may be moving within a range.
General Outlook for EUR/JPY
The EUR/JPY has retraced above the 144.26 level with a target of 146.66 in sight. If the price retraces above the moving average lines, the upward trend will resume. Furthermore, if the bulls break through the resistance at 145.50, the market will rally to 146.66.
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