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 trading above the moving averages as it faces rejection at level 136.75. The pair is retracing from the recent high. The Yen will receive an accelerated selling pressure if price breaks below the moving averages. Meanwhile, on April 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will fall to level 2.0 Fibonacci extension or level 129.75.
Daily Chart Indicators Reading:
The Yen is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The price bars are slightly above the moving averages indicating a possible rise of the pair.
EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency pair is in a sideways move. Buyers are facing rejection at the 137.00 resistance zone. Today, the Yen is falling as it faces rejection at the recent high. The Yen is also trading in the overbought region of the market.
4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. The stochastic bands are sloping below the 80% range of the daily stochastic. The 21-day line and the 50-day line moving averages are sloping horizontally indicating a sideways move.
General Outlook for EUR/JPY
EUR/JPY is now in a downtrend and it may decline as it faces rejection at level 136.75. The uptrend may resume if it retraces above the moving averages.
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