EUR/JPY Risks Decline as It Reaches the Overbought Region at Level 140.83

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Key Support Levels: 129.00, 128.00, 126.00
Key Resistance Levels: 132.00, 133.00, 134.00

EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY pair is in a decline as it reaches the overbought region at level 140.83. The currency pair has reached a new low at a level 137.38 and is now undergoing an upward correction. The pair has been making a succession of lower highs and lower lows since December 16. It is currently posting a lower high as it moves closer to level 141.00. Due to its trading in the overbought area of the market, the pair is most likely to decrease. The Yen made an upward correction during the December 20 decline, and the candle body tested the 50% Fibonacci retracement line. According to the upward correction, the EUR/JPY is expected to drop to the Fibonacci extension of 2.0, or level 131.03.

Daily Chart Indicators Reading:
The pair is at level 46 on the Relative Strength Index for period 14 despite the upward correction. Given that the pair is in the downtrend zone, further drop is possible. The moving average lines are below the price bars, which suggest that the price will keep falling. Above level 80 on the daily Stochastic, the Yen has entered the overbought area of the market. The pair probably won’t improve.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Japanese Yen is now trading in the bullish trend zone. The upward correction has hit the market’s overbought zone. A retraced candle body tested the 78.6% Fibonacci retracement line on the upswing of January 4. The retracement suggests that the EUR/JPY would decline but turn around at the Fibonacci extension level of 1.272, or level 141.83.

4-Hour Chart Indicators Reading
The daily Stochastic for the Yen is above level 80. The Yen has reached the overbought area of the market. It is unlikely that the pair will continue to rise. The price bars are above the moving average lines, suggesting that the pair may climb.

General Outlook for EUR/JPY
EUR/JPY rises as it reaches the overbought region at level 140.83. It is currently retesting the level 141.00 resistance. If the selling pressure is rejected at the resistance zone, it may resume.

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