EUR/JPY Slumps as It Reaches Oversold Area above Level 148.61

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
The EUR/JPY is dropping over the moving average lines as it reaches oversold area above level 148.61. The present rally came to a stop at the resistance level of 151.00. Buyers tested the resistance twice more before being turned away. The Yen has made a negative break below the 21-day SMA, and it will continue to decline until it reaches the bottom above the 50-day SMA. In other words, the Yen will trade close to its most recent low of level 146.13. The pair will be stuck between the moving average lines in the interim if the support above the 50-day SMA holds.

Daily Chart Indicators Reading:
The Yen has reached the equilibrium price level when it reaches level 50 of the Relative Strength Index for period 14. The Yen has reached its equilibrium price as a result of a supply and demand balance. The price bar’s current location between the moving average lines will cause a move to be range-bound.

EUR/JPY Medium-term Trend: Bearish
The surge that was in progress has ended at the price of 151.00. The currency pair will be rejected at the barrier for the second time today.The current slide has reached the oversold sector of the market. The negative trend is probably going to moderate as the market approaches oversold territory.

4-Hour Chart Indicators Reading
The Yen is in a decline on the 4-hour chart as it approaches the oversold area of the market. The pair is below the daily Stochastic level of 20. In the oversold area of the market, buyers will show up to drive prices higher.

General Outlook for EUR/JPY
The Yen is declining as it reaches oversold area above level 148.61. Every day, the pair crosses the 20-level Stochastic threshold. In order to drive up prices, buyers will swarm to the oversold area of the market.

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