EUR/PY Reaches Overbought Region as It Rallies to Level 144.84

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RESULTS

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 in the bullish trend zone as it rallies to level 144.84. The pair has risen to an overbought region of the market. It has risen to level 144.84 which has been the overhead resistance zone. Since June 8, the currency pair had been retesting the overhead resistance to breach it. Each time the overhead resistance is retested the market will decline below the moving average lines. The Yen has reached bullish exhaustion.

Daily Chart Indicators Reading:
The Yen is trading in the bullish trend zone at level 60 of the Relative Strength Index period 14. It is also approaching the overbought region of the market. The Yen will rise as the price bars are above the moving average lines. The moving average lines are sloping horizontally because of the sideways trend.


EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the Yen is in an uptrend as it breaks above the moving average lines. Meanwhile, on October 13 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or level 144.64.

4-Hour Chart Indicators Reading
EUR/JPY is trading in the overbought region above the 80% range of the daily stochastic. The uptrend has reached bullish exhaustion. Sellers will emerge in the overbought region to push prices downward.

General Outlook for EUR/JPY
EUR/JPY has reached the overhead resistance as it rallies to level 144.84. The bulls have retested the overhead resistance on four occasions but failed to beach it. The currency pair is likely to decline.


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