EUR/JPY Resumes Selling Pressure as It Breaks Below 137.01

Updated:

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 has been in a sideways trend as it breaks below the previous low at 137.01. The selling pressure has resumed as price breaks below the moving average lines. Meanwhile, on July 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the currency pair will decline to level 2.0 Fibonacci extension or level 129.57. From the price action, the market has reached the low of level 134.48.

EUR/JPY Resumes Selling Pressure as It Breaks Below 137.01
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 32 of the Relative Strength Index for period 14. The Yen has fallen to the downtrend zone and it is approaching the oversold region. The price bars are below the moving averages indicating a further decline of the pair.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the Yen is in a smooth downtrend as the price breaks below the moving average lines. The Yen has fallen to the low of level 134.43. The pair is likely to further decline to the downside.

EUR/JPY Resumes Selling Pressure as It Breaks Below 137.01
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It indicates that the market has fallen to the oversold region. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.

General Outlook for EUR/JPY
EUR/JPY is in a downward move as it breaks below the previous low at 137.01. According to the Fibonacci tool, the currency pair will decline to level 2.0 Fibonacci extension or level 129.57.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.