EUR/JPY Reaches the Overbought Region as It Faces Rejection at 139.75

Updated:

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 in an upward move as it faces rejection at 139.75. The pair is rejected in the bullish trend zone. In previous price action, the Yen has been facing rejections above the moving average lines. On the upside, if the bulls sustained the bullish momentum above the moving average lines, the market will rise and reach the previous high of level 140.00.

EUR/JPY Reaches the Overbought Region as It Faces Rejection at 139.75
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY pair is at level 57 of the Relative Strength Index period 14. The pair is in the bullish trend zone and may further rise to the upside. The 21-day line SMA and the -day line SMA are sloping horizontally indicating the sideways trend.


EUR/JPY Medium-term Trend: Bullish
On the 4-Hour chart, the Yen has rallied to an overbought region of the market. On  August 29 uptrend, a retraced candle body tested the 78.6% Fibonacci retrenchment. The retracement suggests that EUR/JPY will rise to level 1.272 Fibonacci extension or level 139.79. From the price action, the Yen is struggling to break above level 138.94.

EUR/JPY Reaches the Overbought Region as It Faces Rejection at 139.75
EUR/JPY – 4 Hour Chart

4 Hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. The Yen has been trading in the overbought region since August 29. The price bars are above the 50-day line SMA and the 21-day line SMA indicating an upward move.

General Outlook for EUR/JPY
EUR/JPY has risen to an overbought region of the market as it faces rejection at 139.75. The pair is likely to decline. According to the Fibonacci tool analysis, the pair will reverse at level 139.75.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.