EURJPY Declines from the Overbought Region at Level 148.40

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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.

EURJPY Declines from the Overbought Region at Level 148.40
EUR/JPY – Daily Chart

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.

EURJPY Declines from the Overbought Region at Level 148.40
EUR/JPY – 4 Hour Char

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.

You can purchase crypto coins here: Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.