EUR/JPY Is Overbought as It Faces Rejection at Level 156.90

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 upswing has hit its peakas it faces rejection at level 156.90. The currency pair has reached a high of 156.52. The Yen is currently trading in the market’s overbought zone. The Yen has run its course and may reverse.As it retraces from its recent high, the currency pair is currently testing the resistance level of 157.00.

If the currency price falls below the moving average lines, the present uptrend will come to an end.

Daily Chart Indicators Reading:
The currency pair is at level 75 of the Relative Strength Index for period 14. The Yen has been overbought. The price bars are above the moving average lines, which have caused the price to rise. Moving average lines slant northward, indicating an uptrend.

EUR/JPY Medium-term Trend: Bullish
The pair is in an uptrend on the 4-hour chart. The price indicator has predicted a likely upward reversal. A retraced candle body tested the 78.6% Fibonacci retracement line on June 23 upswing.The retracement suggests that the Yen would climb but then reverse at the 1.272 Fibonacci extension, or level 156.90.

According to the market action, the Yen has returned to the 1.272 Fibonacci extension and is retracing.

4 – Hour Chart
The Yen has been trading in the market’s overbought zone. It is higher above the daily Stochastic level of 80. The 21-day and 50-day simple moving averages lines are trending upward, indicating an uptrend.As long as the price bars are above the moving average lines, the pair will gain.

When the price falls below the moving average lines, the decline will resume.

General Outlook for EUR/JPY
EUR/JPY is deeply in the market’s overbought zone as it faces rejection at level 156.90. The Yen is sliding after retesting the resistance zone at 157.00. The price indicator predicts that the pair will be rejected at the 1.272 Fibonacci extension or level 156.90. According to the price action, the Yen is declining.

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