Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00
EUR/JPY Price Long-term Trend: Bearish
EUR/JPY pair declines as it retraces above level 141.00. On October 4, the currency pair retested level 144.00 overhead resistance. Buyers have retested the overhead resistance on four occasions without breaching the resistance level. The bears have broken the 21-day line SMA as the selling pressure resumes. The Yen is likely to decline to the 50-day line SMA. The selling pressure will be accelerated when the price breaks below the moving average lines.
Daily Chart Indicators Reading:
The Yen has reached an equilibrium price level. It is at level 51 of the Relative Strength Index period 14. The moving average lines are sloping horizontally since June. The Yen price bars are between the moving average lines which indicate a possible range-bound move of the pair.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen has resumed selling pressure as it faces rejection at the overhead resistance. The market has declined below the moving average lines to level 141.59. The price bars are between the moving average lines indicating a possible range-bound move of the pair. Meanwhile, on October 5 downtrend, the Yen corrected upward and a candle body tested the 50% Fibonacci retracement level. The correction suggests that EUR/JPY will fall to level 2.0 Fibonacci extension or level 140.85.
4-Hour Chart Indicators Reading
The pair has reached the oversold region which is below the 20% range of the daily stochastic. The selling pressure has reached bearish exhaustion. The Yen may further decline as the price bars are below the moving average lines.
General Outlook for EUR/JPY
EUR/JPY has fallen to an oversold region of the market as it retraces above level 141.00. From every indication, further selling pressure is unlikely. However, the price indicator has stated that the Yen will decline to level 140.85.
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