EUR/JPY Reaches Bullish Exhaustion as It Faces Rejection at Level 143.89

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 price of the EUR/JPY pair has broken above the moving average lines as it faces rejection at level 143.89. The upward momentum met resistance zones at level 144.00. The price indication predicted that the level of 144.00 will act as resistance for the Yen. The price action suggests that the most recent high is acting as resistance to the positive momentum. For now, resistance is found in an overbought sector of the market. Since December 2022, buyers have been unable to keep the price above the resistance level. The Yen is anticipated to decline as the market reaches the overbought region. The market will rise higher once more if the Yen reverses above the moving average lines.

Daily Chart Indicators Reading:
The pair has fallen to level 54 on the Relative Strength Index for period 14. The Yen may continue to rise given that it is in a bullish trend zone. The signals point to a potential upward trend because the price bars are above the moving average lines.


EUR/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen has crossed above the moving average lines, indicating an uptrend. According to the price indicator, the EUR/JPY will rise to level 1.618 of the Fibonacci extension, or level 143.89. Bullish fatigue and the Fibonacci extension have been reached by the Yen. The likelihood of the pair increasing is slim.

4-Hour Chart Indicators Reading
The EUR/JPY is in an uptrend since it is above the daily Stochastic level of 80. The current state of the market is overbought. The upward trend is probably going to cease at the point where the market is overbought. The 21-day SMA and 50-day SMA are going upward, indicating an upswing.

General Outlook for EUR/JPY
EUR/JPY is currently trading in the level 144.00 resistance area as it faces rejection at level 143.89. Since March 15, buyers have been unable to sustain the price above the 144.00 level of resistance. The Yen may experience rejection as a result of its current location in the overbought region of the market.


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