EUR/JPY Reaches Overbought Region as It Challenges Level 144.00

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
The EUR/JPY pair has been moving downward as it challenges level 144.00. There had been a string of lower highs and lower lows for the Yen. It made an upward correction on December 8 but was stopped around level 144.00. At the high level of level 144.00, the pair is experiencing rejection. Although it has reversed course, it is still erratic below the resistance level. The Yen is currently trading at level 143.92 and may continue to fall.

Daily Chart Indicators Reading:
The EUR/JPY pair is at level 48 according to the Relative Strength Index for period 14. It is in a zone of down trending and could continue to deteriorate. A further decrease may result from the price bars being below the moving average lines. The 21-day line SMA crossing below the 50-day line SMA results in a bearish crossover for the Yen.


EUR/JPY Medium-term Trend: Bullish
The Yen has retraced below the 21-day line SMA on the 4-hour chart, although it is now above the 50-day line SMA. To attain a level of 144.00 today, the Yen bounced back between moving average lines. The Yen has been ranging between 143.00 and 144.50 since December 7.

4-Hour Chart Indicators Reading
The Yen is in a positive momentum at the level 40 of the daily Stochastic. At 144.00, the upward movement is being rejected. The 21-day and 50-day SMA lines’ higher slopes serve as indicators of an uptrend. The crossover between the moving average lines is bullish.

General Outlook for EUR/JPY
The EUR/JPY is in the bearish trend zone as it challenges level 144.00. The pair price is forming a string of lower highs and lower lows on the daily chart. The Yen is currently reaching a lower high. The currency pair is going to lose ground and hit a lower bottom.


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