EUR/JPY Plunges to Level 124.63 as Bulls Buy the Dips

Updated:

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

EUR/JPY Price Long-term Trend: Bearish
EUR/JPY pair falls significantly to the low of level 124.40 as bulls buy the dips. The bears broke below the previous low at level 127.70 to reach the low of 124.40. A further downward move is unlikely as the market reaches the oversold region. The EURO has fallen to the historical price level of 125.08. The bears are attempting to break the previous low at 125.08. The pair will resume upward if the current support holds.

EUR/JPY Plunges to Level 124.63 as Bulls Buy the Dips
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 27 of the Relative Strength Index for period 14. The currency pair has reached the oversold region of the market. The selling pressure has reached bearish exhaustion. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency price has fallen considerably. The EURO is consolidating above level 124.00 after the recent downtrend. Meanwhile, on February 24 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates EUR/JPY will fall to level 1.618 Fibonacci extension or level 124.63.

EUR/JPY Plunges to Level 124.63 as Bulls Buy the Dips
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
EUR/JPY is below the 20% range of the daily stochastic. The market has reached the oversold region of the market. The selling pressure has reached bearish exhaustion as the market is oversold. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for EUR/JPY
EUR/JPY has fallen appreciably as bulls buy the dips. The Yen is consolidating above the current support for a possible upward move.


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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.