EUR/JPY Surges Ahead as It Breaks above the Target Price of 140.62

Updated:

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 an uptrend and has broken above the target price of 140.62. The pair is now in the overbought region of the market. Further upward move of the pair is possible. Meanwhile, on March 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or level 140.62.

EUR/JPY Surges Ahead as It Breaks above the Target Price of 140.62
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The Yen is at level 70 of the Relative Strength Index for period 14. The pair is trading in the overbought region of the market. It implies that
the uptrend will soon reach bullish exhaustion. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The price bars are above the moving averages indicating a possible rise of the pair.

EUR/JPY Medium-term Trend: Bullish
On the 4- hour chart, the currency pair is in a smooth uptrend. The Yen price is making a series of higher highs and higher lows. The current trend may continue to the upside.

EUR/JPY Surges Ahead as It Breaks above the Target Price of 140.62
EUR/JPY – 4 Hour Chart

4-Hour Chart Indicators Reading
EUR/JPY is above the 80% range of the daily stochastic. The pair is trading in the overbought region of the market. The moving averages are sloping upward indicating the uptrend. The uptrend is ongoing as long as the price bars are above the moving averages and the trend line.

General Outlook for EUR/JPY
EUR/JPY is now in an uptrend as it broke above the target price of 140.62. It has broken above the initial resistance at level 140.00.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.