EUR/JPY Reaches the Overbought Region, Faces Rejection at Level 136.84

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 uptrend but faces rejection at level 136.84. After retracing to level 154.51, the bulls are attempting to revisit the previous high of level 137.54. On the upside, if the bulls breach the recent high, the market will rise to level 140.00. Meanwhile, on March 28 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise to level1.272 Fibonacci extension or level 140.90.

Daily Chart Indicators Reading:
EUR/JPY is at level 65 of the Relative Strength Index for period 14. The currency pair is in the uptrend zone and it is approaching the overbought region of the market. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The EURO has a bullish crossover. That is, the 21-day line crosses above the 50-day line moving average.

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in a smooth uptrend. The currency pair has reached the high of level 137.53. Since March 28, the EURO has fluctuated below level 137.53 as bulls fail to break the recent high. The price bars have fallen above the trend line for a possible upward move.

4-Hour Chart Indicators Reading
The pair is above the 25% range of the daily stochastic. The pair is in a bullish momentum. The 21-day line and the 50-day line moving averages are sloping upward.

General Outlook for EUR/JPY
EUR/JPY pair has reached the overbought region of the market but faces rejection at level 136.84. Sellers will emerge in the overbought region of the market to push prices down.

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