EUR/JPY Is Stuck at 144.00 as It Faces a Decline

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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: Bullish
The EUR/JPY pair is currently trading in a bullish trend zone as it faces a decline. This will be the first time since December 20, 2022, that the pair has traded above the moving average lines. The Yen has reached a high of 143.72. The uptrend, however, may encounter resistance at level 144.00. On the upside, if the Yen breaks through the resistance at 144.00, the pair will return to the previous high of 146.00. However, if the pair is rejected at level 144.00, the Yen will fall and return to the previous range-bound zone.

Daily Chart Indicators Reading:
The Yen is at level 59 on the Relative Strength Index for period 14. As it is in the uptrend zone, it is rising. The moving average lines are above the price bars, indicating an upward trend for the pair. The crossover between the moving average lines is bullish. In other words, a buy order is indicated when the 21-day SMA crosses the 50-day SMA.

EUR/JPY Medium-term Trend: Bullish
The pair price is making a series of higher highs and higher lows on the 4-hour chart. It is getting close to the level 144.00 resistance. A retraced candle body on the uptrend of February 14 tested the 61.8% Fibonacci retracement level. According to the retracement, the Yen will increase to level 1.618 of the Fibonacci extension, or level 144.04. The pair has already tested the 144.00 resistance level.

4-Hour Chart Indicators Reading
The daily Stochastic level of 60 is where the Yen is in a bullish momentum. The upward slope of the moving average lines indicates an uptrend.

General Outlook for EUR/JPY
EUR/JPY is in an upward trend as it faces a decline. The bullish momentum is being rejected at level 144.00. Additionally, the Yen is being rejected by the overbought portion of the market. The Yen may retrace above the breakout level of 142.00.


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