EUR/JPY Rallies to Level 131.91, May Retest Level 133.00 High

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: Bullish
EUR/JPY pair is in an uptrend as it may retest level 133.00 High. The pair is approaching the overhead resistance at level 133.00. The Yen may face rejection at the overhead resistance at level 133.00. Meanwhile, on March 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.618 Fibonacci extension or level 131.51. From the price action, EURJPY has reached the level 1.618 Fibonacci extension. The market is still resuming upward.

EUR/JPY Rallies to Level 131.91, May Retest Level 133.00 High
EUR/JPY- Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 62 of the Relative Strength Index for period 14. The currency pair is in the uptrend zone and capable of a further upward move. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The market is approaching the overbought region.

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in an uptrend. Since March 9, the pair has been trading in the overbought region of the market. A bullish trend is drawn showing the support levels of the market. The current uptrend is ongoing if the trend line remains unbroken. The current trend is said to be terminated if price breaks below the trend line.

EUR/JPY Rallies to Level 131.91, May Retest Level 133.00 High
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. EURjJPY has reached the overbought region of the market. Further upward move is doubtful. The moving averages are sloping upward indicating the uptrend.

General Outlook for EUR/JPY
EUR/JPY is in an upward move as it may retest level 133.00 High. Further upward move is likely as the RSI reaches the high of level 62. However, the daily stochastic has indicated an overbought condition of the currency pair.

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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.