EUR/JPY Runs Its Course as It May Reverse at Level 142.87

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RESULTS

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

EUR/JPY Price Long-term Trend: Bullish
The EUR/JPY pair has entered a positive trend zone as it may reverse at level 142.87. The pair was undercut below the present support at level 138.00 on January 3 by the bears. As the price rose over the moving average line for the 21-day line SMA, the bulls bought the dips. To the upside, the pair will increase to level 146.00 if buyers manage to sustain the price above the 50-day SMA. If the 50-day line SMA is rejected, the Yen will fall and start moving in a range again. The price will come under further selling pressure if it falls below the 21-day line.

Daily Chart Indicators Reading:
The pair is at level 52 of the Relative Strength Index for period 14. The Yen is on an upswing and could increase. The pair will resume a range-bound move as long as the price is between the moving average lines. The downward-sloping direction of the moving average lines indicates a decline.


EUR/JPY Medium-term Trend: Bullish
The Yen is above the moving average line on the 4-hour Chart. The market has become overbought as a result of the present upswing. A retraced candle body on the upward trend of January 9 tested the 61.8% Fibonacci retracement line. According to the retracement, the Yen will increase but reverse at level 1.618 of the Fibonacci extension, or level 142.87.

4-Hour Chart Indicators Reading
The pair is above the daily stochastic’s level of 80. The market is overbought where the pair is trading. It suggests that the bullish momentum in the Yen has run its course. As sellers start to show up in the overbought area, the pair will decrease.

General Outlook for EUR/JPY
The EUR/JPY pair is currently trading in the positive trend zone as it may reverse at level 142.87. It is unlikely that the pair will continue to rise.


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