Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00
EUR/JPY Price Long-term Trend: Bearish
EUR/JPY pair has resumed selling pressure as it may further decline to level 135.72. Since June 8, the bulls have failed to keep the price above level 144.00 overhead resistance, hence the decline. The selling pressure may continue as price breaks below moving average lines. The Yen has fallen to the previous low at the level of 137.60. The upward move will resume if the current support holds.
Daily Chart Indicators Reading:
EUR/JPY is at level 38 of the Relative Strength Index for period 14. The Yen has fallen to the downtrend zone and it is approaching the oversold region. The price bars are below the moving averages indicating a further decline of the pair.
EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the Yen is in a downtrend as it declines to level 127.26. The bears have retested the current support twice but failed to break below it. Meanwhile, on the June 6 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Yen will fall but reverse at level 1.272 Fibonacci extension or level 135.72.
4-Hour Chart Indicators Reading
The pair is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.
General Outlook for EUR/JPY
EUR/JPY has fallen to level 137.26 and it may further decline to level 135.72. Since July 6, the currency pair has been holding above the current support. The bears have retested the current support twice but failed to break below it. The pair has reached the oversold region for a possible reversal.
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