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 EUR/JPY has retraced above the moving average lines as it resumes a new advance. After establishing support above the moving average lines, the Yen has resumed a new advance. The preceding rise came to a stop at a high of 151.62. The price signal has indicated that the Yen may climb. During the April 25 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the EUR/JPY will increase to the 1.618 Fibonacci extension, or level 152.51.
Daily Chart Indicators Reading:
The Relative Strength Index for period 14 has EUR/JPY at level 54. Following the retracement, the pair is in the bullish trend zone as it starts a new uptrend. After the retracement, the price bars are above the moving average lines. The tendency is indicated by the upward-sloping moving average lines.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair’s price is dropping. The currency pair has pierced the moving average lines. Bulls purchased the dips, after the Yen dropped to a low of level 147.13. The positive trend will restart if the price rises above the moving average lines.
4-Hour Chart Indicators Reading
The currency pair has fallen to the oversold region of the market. It is below level 20 of the daily Stochastic. The selling pressure of the Yen has reached bearish exhaustion. Buyers will emerge in the oversold region to push prices upward. The currency pair is recouping above level 147.00 support.
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General Outlook for EUR/JPY
The EUR/JPY has reached its limit of bearishness but resumes a new advance. The currency pair has retraced above level 147.00 historical price level. As the currency support persists, the Yen is rising. It is anticipated that the pair will rise to a high of level 152.51.
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