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 in an uptrend as it may face rejection at 143.66. The pair has risen to level 141.94 as it approaches the previous highs. The Yen is attempting to revisit level 144.00 overhead resistance. On the September 2 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. The retracement suggests that EUR/JPY will rise to level 1.618 Fibonacci extension or level 139.79. From the price action, the Yen is approaching level 142.54.
Daily Chart Indicators Reading:
EUR/JPY pair is at level 69 of the Relative Strength Index period 14. It indicates that the pair has reached the overbought region at level 70. The Yen is likely to reach bullish exhaustion. The price bars are above the moving average lines indicating a further upward move.
EUR/JPY Medium-term Trend: Bullish
On the weekly chart, the Yen is trading in the bullish trend zone. Since June, buyers have not been able to breach level 144.00 overhead resistance. On a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement on July 25. The retracement suggests that EURJPY will rise to level 1.272 Fibonacci extension or level 143.66.
Weekly Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It has been trading in the overbought region. Sellers will emerge in the overbought region to push prices down. The price bars are above the 50-day line SMA and the 21-day line SMA indicating an upward move.
General Outlook for EUR/JPY
EUR/JPY is now trading in the overbought region of the market as it may face rejection at 143.66. The Yen is likely to face rejection at the high of level 143.66 or 144.00 overhead resistance.
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