EUR/JPY Recovers above 139.00 as Faces Stiff Resistance at 144.00 High

Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00

EUR/JPY Price Long-term Trend: Ranging
EUR/JPY pair has resumed sideways move since June 8 as it faces stiff resistance at 144.00 high. The bulls failed to keep the price above level 144.00 overhead resistance, hence the downward correction. The currency pair price has fallen below the moving average lines, there is a likelihood of a further downward movement of Yen. Yesterday, the bulls were making attempts to break above the moving average lines. The Yen risks further decline if it faces rejection at the recent high.

Daily Chart Indicators Reading:
EUR/JPY is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The price bars are below the moving averages indicating a further decline of the pair. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the Yen is in a downtrend as the price breaks below the moving average lines. The pair fell to the low of $138 and resumed upward. The Yen is now retesting the 21-day line SMA as it breaks above it. The Yen will fall to the low of level 137.00 if it turns from the recent high.

4-Hour Chart Indicators Reading
The pair is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.

General Outlook for EUR/JPY
EUR/JPY has fallen to the oversold region of the market as it faces stiff resistance at 144.00 high. Buyers will be attracted to the lower levels of prices. As buyers emerge in the oversold region the pair is likely to resume upward.


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