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 trading in the bullish trend zone as it battles to break level 137.00 high. Buyers intend to push the currency pair to the high of level 140.00 but are facing initial resistance at the high of level 137.00. Meanwhile, on March 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or level 140.62.
Daily Chart Indicators Reading:
The currency pair is at level 57 of the Relative Strength Index for period 14. The pair is trading in the bullish trend zone. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The price bars are above the moving averages indicating a possible rise of the pair.
EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in an uptrend but it is struggling below the resistance at level 137.00. Further upward move of the pair is doubtful as the pair reaches the overbought region. Meanwhile, on May 27 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.618 Fibonacci extension or level 137.51.
4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. The pair is trading in the overbought region of the market. The 21-day line and the 50-day line moving averages are-sloping upward indicating the uptrend.
General Outlook for EUR/JPY
EUR/JPY is now in an uptrend and has reached an overbought region as it battles to break level 137.00 high. It is presently facing rejection at the recent high
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