EUR/JPY Is Stuck at Recent High as It Challenges Level 141.00

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Key Support Levels: 129.00, 128.00, 126.00
Key Resistance Levels: 132.00, 133.00, 134.00

EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY pair is currently falling as it challenges level 141.00. The currency pair is experiencing an upward correction after hitting a new low at a level of 137.38. Since January 4, the pair has been fluctuating below the resistance at a level of 141.00. When it is rejected at the current high, the selling pressure on the Yen will pick up. The Yen made an upward correction after the December 20 decline, and the candle body tested the 50% Fibonacci retracement line. The correction predicts that the EUR/JPY exchange rate will drop to level 2.0 Fibonacci extension, or level 130.32.

EUR/JPY Is Stuck at Recent High as It Challenges Level 141.00
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the pair is at level 46. The pair is stuck at the most recent high, so the RSI has stayed the same. The moving average lines are below the price bars, which suggests a potential decline. The downward slope of the moving average lines indicates a downtrend.

EUR/JPY Medium-term Trend: Bearish
The Japanese Yen is currently trading in the bullish trend zone on the 4-hour chart. The market’s overbought area has been reached by the upward correction. The level 141.00 resistance restricts the upward movement. Small, erratic candlesticks known as Doji are currently dominating the price action.

EUR/JPY Is Stuck at Recent High as It Challenges Level 141.00
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is losing ground below the daily Stochastic level of 80. Since January 4, the pair has moved into the overbought zone. The fact that the price bars are above the moving average lines suggests that the price of the cryptocurrency may be rising.

General Outlook for EUR/JPY
The EUR/JPY pair is currently trading in the downtrend zone as it challenges level 141.00. If the bears break through the current support at level 137.00, the downtrend will resume. The Fibonacci tool analysis predicts that the Yen will continue to fall, reaching a level of 130.32.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.