EUR/JPY Retraces Above Level 130.26, May Resume Uptrend

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
Since December 20, EUR/JPY had been rising as it may resume uptrend. The currency price broke above the moving averages to reach the high of l 131.02. The market is retracing to the support above level 130.26. The 130.56 price level is the historical price level of September 2 . As Yen retraces, it is retesting the resistance level of September 2. The currency pair will resume upward if it holds above level 130.26 support. The EUR/JPY is held at level 130.26 at press time.

EUR/JPY Retraces Above Level 130.26, May Resume Uptrend
EURJPY – Daily Chart

Daily Chart Indicators Reading:
The currency price is above the 21-day line SMA and the 50-day line SMA which indicates that the market will rise on the upside. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend move. The pair is at level 56 of the Relative Strength Index period 14. The EURO is in the uptrend zone and capable of rising on the upside.

EUR/JPY Medium-term Trend: Bearish
On the 1-hour chart, the pair is in a downward move.
The currency price faces rejection from the high of level 131.00. The price breaks below the moving averages. On January 2 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The EURO is likely to fall to level 1.618 Fibonacci extensions or the low of level 130.48. From the price action, the market has declined to the low of level 130.10 and pulled back.

EUR/JPY Retraces Above Level 130.26, May Resume Uptrend
EUR/JPY – 1 hour Chart

1-hour Chart Indicators Reading
The EUR/JPY pair is currently above the 25% range of the daily stochastic. The pair was earlier in the oversold region. Buyers are expected to emerge in the oversold region


General Outlook for EUR/JPY
EUR/JPY has retraced above the support of the 50-day line SMA as it may resume uptrend. The currency pair is likely to resume upward to revisit the previous highs

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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.