EUR/JPY Resumes Uptrend but Approaches Overbought Region at 129.66

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: Bullish
EUR/JPY pair is in an uptrend as it approaches overbought region at 129.66. The bullish momentum fails to break above the 50-day moving average. Consequently, EUR/JPY will attempt to be in a range-bound move for a few more days in between the moving averages. If price breaks above the 50-day SMA, the upside momentum will resume. Meanwhile, on March 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates EUR/JPY will rise to level 1.618 Fibonacci extension or level 131.51.

EUR/JPY Resumes Uptrend but Approaches Overbought Region at 129.66
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 53 of the Relative Strength Index for period 14. The currency pair has reached the uptrend zone and is capable of further upward. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency pair is an upward move. The EURO has broken above the moving averages. Meanwhile, on March 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.618 Fibonacci extension or level 131.51.

EUR/JPY Resumes Uptrend but Approaches Overbought Region at 129.66
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. The market has reached the overbought region of the market. Further upward move is doubtful. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for EUR/JPY
EUR/JPY is in an uptrend but approaches overbought region at 129.66. The market is likely to retrace above the 128.87 support. If it does, EUR/JPY will be in a sideways trend.


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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.