EUR/JPY Loses Ground as It Hit a Low of Level 153.00

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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 seeing selling pressure as it hit a low of level 153.00 . Since June 27, the currency pair has been trading in the overbought zone. It has dipped above the moving average lines as a result of the rejection.

If it finds support above the moving average lines, the present bullish trend will resume. If the price falls below the moving average lines, the present uptrend will come to an end. The downtrend will begin when the price falls below the moving average lines .

Daily Chart Indicators Reading:
The Yen has retraced to Relative Strength Index level 58 for period 14. Despite the setback, the Yen remains in a bullish trend. After the initial breakdown, the price bars are above the moving average line. After the dip, the moving average lines are still sliding northward.

EUR/JPY Medium-term Trend: Bearish
The Yen is falling below the moving average lines on the 4-hour chart. The bearish momentum has reached 155.83. According to the price indicators, the Yen will continue to fall to its prior low. On the 6th of July, the Yen reversed upward and tested the 50% Fibonacci retracement level.

The correction means that the Yen will fall to the Fibonacci extension level of 2.0, or level 153.81.

4–Hour Chart
The Yen is losing ground above level 20 of the daily Stochastic. The Yen has reached the market’s oversold zone. As selling pressure eases, buyers are anticipated to appear in the oversold region. The price bars are below the moving average lines, indicating that the market is in a decline.

General Outlook for EUR/JPY
Following the recent rejection from the high of 158.00, the Yen is in a decline as it hit a low of level 153.00 . The currency pair has continued to fall into a bearish trend zone. The bearish momentum will hit a low of 153.00 points.


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