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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
The EUR/JPY is now falling after being rejected twice at level 151.00 high as it revisits level 148.59 low. The Yen is falling as it breaks below the 21-day SMA. The selling pressure could increase once the moving average lines are breached. Level 146.25 will be the lowest point of the decline. Due to its position between the moving average lines, the Yen is currently trading in a range. The pair’s trading range will be between 148.00 and 149.00.
Daily Chart Indicators Reading:
The Relative Strength Index for period 14 shows that the Yen has fallen to level 49. The price of the pair is still at balance. In other words, supply and demand are now balanced. The price bars are in between the moving average lines, suggesting that the Yen may move in a range. The moving average continues to indicate an upswing by going southward.
EUR/JPY Medium-term Trend: Bearish
The Yen has fallen beneath the moving average line and might drop even further. A retraced candle body tested the 50% Fibonacci retracement level on May 31’s downward trend in the Yen. According to the correction, the EUR/JPY will drop to the Fibonacci level 2.0 extension, or level 146.25.
4-Hour Chart Indicators Reading
The oversold area of the market for EUR/JPY has been reached. It is below daily Stochastic level 20. Bearish weariness has been achieved with the selling pressure. The moving average lines are below the price bars, signaling a further decrease.
General Outlook for EUR/JPY
EUR/JPY is in decline as it revisits level 148.59 low. According to the price indicator, the Yen will decline to a low of level 146.25. In the oversold region, the decline will subside.
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