EUR/JPY Reaches an Overbought Area as It Faces Resistance at 149.51

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 is in an uptrend but faces resistance at 149.51. The Yen will soon ascend to its previous peak of level 151.61 as it continues to soar. The Yen is rising as it approaches its high of level 149.78 today. According to the price indicator, the EUR/JPY exchange rate will rise to level 2.0 of the Fibonacci extensions, or level 151.31. On May 2, the Yen reached that price before falling. The present rising rise will be rejected at the level 151.61 area of overbought territory.

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 has the Yen at level 61. The price bars are above the moving average lines and it is in the rising zone. The two will rise as a result of this. The uptrend is indicated by the moving average lines pointing northward direction.

EUR/JPY Medium-term Trend: Bullish
The pair is trading above the moving average lines on the 4-hour chart. It has increased and is getting close to the level of 150.00 high. The market’s overbought area is being approached by the current action. If the Yen hits the overbought area of the market, it will be rejected.

4-Hour Chart Indicators Reading
The Yen is in a strong momentum on the 4-hour chart and is above the daily Stochastic level of 50. The Yen has increased but faces resistance at a level of 150.00. The Yen is getting close to the overbought area of the market.
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General Outlook for EUR/JPY
The currency pair is getting close to the overbought area of the market but faces resistance at 149.51. On May 2, EUR/JPY initially climbed to a high of level 151.61 before being rejected. At the most recent high, the present uptrend is likely to be rejected.

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