EUR/JPY Resumes Its Upward Trend but Remains Stuck at 144.50

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 pair is in the bullish trend zone but remains stuck at 144.50. Since February 13, the currency price has broken above the moving average lines, resuming an uptrend. A retraced candle body on the uptrend of February 22 tested the 61.8% Fibonacci retracement level. The retracement suggests that EUR/JPY will increase to the Fibonacci extension level of 1.618, or level 146.83. On the other hand, the high of 145.00 serves as resistance to the upward trend at the moment. The current uptrend may come to an end if the currency pair is rejected at the most recent high.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the Yen is at level 61. As it is in the bullish trend zone, the Yen will keep rising. When the price bars are above the moving average lines, they will also increase. The crossover between the moving average lines is bullish. In other words, a bullish signal is indicated when the 21-day line SMA crosses above the 50-day line SMA.

EUR/JPY Medium-term Trend: Bullish
The Yen is trending upward on the 4-hour chart. The price of the currency pair has increased to an oversold area of the market. The Yen climbed as high as level 144.50 before being repulsed. If the current resistance is broken, the uptrend will resume.

4-Hour Chart Indicators Reading
The market for the yen has become overbought. The Yen is above  level 80 of the daily Stochastic. The upward slope of the moving average lines indicates an uptrend. If the price breaks below the moving average lines, the uptrend will be terminated.


General Outlook for EUR/JPY
The price of EUR/JPY has broken above the moving average lines but remains stuck at 144.50. At level 145.00, the uptrend is currently paralyzed. To test the initial resistance at a recent high, the Yen is rising once more. If the pair is unable to break through the recent high, it might be forced to make a range-bound move.

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