EURJPY Declines from the Overbought Region at Level 148.40

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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 declines from the overbought region at level 148.40. On October 21, the Yen rallied to the high of level 148.40 but pulled back above level 145.59. Since October 18, the Yen has been fluctuating below the resistance at level 147.00. On the upside, further upward movement of the pair is doubtful as the market reaches the overbought region. On the downside, if the Yen turns down from the resistance zone, the currency will decline to the breakout level of 144.00.

Daily Chart Indicators Reading:
EUR/JPY is still in the uptrend zone at level 65 of the Relative Strength Index for period 14. The Yen may decline as sellers emerge in the overbought region. The price bars are above the moving average lines, which suggest that the pair will continue to rise.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the Yen is facing rejection in the bullish trend zone. The selling pressure will resume if price breaks below the moving average lines. Meanwhile, on October 21 downtrend, the Yen corrected upward and a candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that Yen will fall to level 2.618 Fibonacci extension or level 137.46.

4-Hour Chart Indicators Reading
The pair is under the daily stochastic’s 80% range. It shows that the market is moving in a bearish direction. The downtrend is indicated by the downward-sloping 21-day and 50-day SMA lines.

General Outlook for EUR/JPY
EUR/JPY has reached the overbought region at level 148.40. On October 21, the pair dropped sharply before correcting upward. The upward correction is facing rejection as the pair declines.

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