EUR/JPY Reaches an Overbought Region as It Challenges Level 148.00

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 is above the moving average line as it challenges level 148.00. The Yen began to recover on November 3 after breaking below the SMA for the 21-day line. Since October 18, the currency pair has been bouncing below the barrier level. The pair would repeatedly drop below the 144.00 breakout level when the resistance level was tried. The currency pair will be lifted above level 144.00 support to resume an advance. Positively, if the bulls manage to surpass the most recent high, the market will increase to 152.60. The price will resume its downward trend if it falls beneath the moving average lines. Level 138.00 will serve as a support for the Yen.

Daily Chart Indicators Reading:
The EUR/JPY pair is level 57 on the Relative Strength Index for period 14. The overbuying phase has now begun. The moving average lines are significantly lower than the currency price bars, indicating an upward trend for the pair. The Yen has now entered the overbought region of the market after surging beyond the daily Stochastic’s level 80 range. The present bullish upswing appears to have peaked.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the bullish trend zone is rejecting the Yen. The bulls probed the resistance area three more times before the decline. The Yen made an upward correction after reaching the overbought area. Although the pair has recovered, it is still trading below the level 147.00 high.

4-Hour Chart Indicators Reading
The pair is above the daily stochastic’s level of 80. The market is overbought where the Yen is now trading. Buyers will dominate the price market. The horizontal slope of the 21-day and 50-day SMA lines is present.

General Outlook for EUR/JPY
The EUR/JPY is gaining as it challenges level 148.00. The uptrend is currently frozen at level 148.00. The Yen’s value is now fluctuating between levels 145 and 148. If buyers are successful in keeping the price above the threshold of 148.00, the market will begin to rise once more. The Yen will decline if buyers fail to keep the price above the level 148.00.


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