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 pair is trading above the moving average lines as it regains bullish momentum. On December 16, after reaching a peak of level 146.59, the pair was rejected. Yesterday, the Yen price fell and the moving average lines were broken. Selling pressure may increase if the price falls below the 21-day line SMA. The pair has retraced above the 50-day line SMA in the interim.
Daily Chart Indicators Reading:
The Relative Strength Index is at level 51. It proves that there is a balance between supply and demand. The price bars are above the moving average lines, suggesting a potential upward movement. The horizontal sloping of the 21-day and 50-day SMA lines demonstrates lateral movement.
EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is moving upward. The Yen rose to level 146.73 before being rejected. Nevertheless, after retracing below the 21-day line SMA, the Yen regains bullish momentum. The Yen will climb and retest the overhead resistance at level 148.00 if the bulls succeed in breaking through the resistance at level 146.73. However, if the Yen is repelled at the 21-day line SMA, it will be forced to move in a range.
4-Hour Chart Indicators Reading
The daily Stochastic’s level 40 is where the Yen is in a bullish momentum. Following the most recent retracement, the bulls are recovering. A range-bound movement may be about to occur since the price bars are located between the moving average lines. The trend is shown by the moving average lines’ rising slope.
General Outlook for EUR/JPY
Buyers are attempting to raise the Yen to its prior highs as it regains bullish momentum. The previous high of level 148.00, which has not been broken since October, is where buyers want to go back.
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