The EUR/JPY Is Falling as It Encounters Resistance at Level 145.00

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
The EUR/JPY pair is in an uptrend as it encounters resistance at level 145.00. Following rejection from the recent high, the pair is in a minor retracement. The pair has been consolidating above 143.00 for the past 48 hours. On the plus side, further upward movement of the pair is unlikely as the market approaches the overbought region. Long-wicked candlesticks indicate strong selling pressure at higher price levels.
The Yen is likely to fall in value.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the pair has increased to level 55. The indicator suggests that the Yen can continue to move higher. The horizontal slope of the moving average lines is apparent. Price increases are indicated by the price bars being above the moving average lines.

EUR/JPY Medium-term Trend: Bullish
The Yen is in an uptrend on the 4-hour chart, but it is being rejected at the level 145.67 high. At the most recent high, the pair was rejected twice, but it then fell below the 21-day SMA. The moving average lines are currently enclosing the Yen. When the moving average lines are broken, the Yen will begin to trend. On the upside, EUR/JPY will increase to level 1.618 of the Fibonacci extension, or level 148.59, if the current resistance is broken.

4-Hour Chart Indicators Reading
The EUR/JPY is trending downward below the daily Stochastic’s 40-point threshold. The price bars are in a range-bound movement because they are in between the moving average lines. The uptrend is indicated by the upward-sloping 21-day SMA and 50-day SMA.

General Outlook for EUR/JPY
The EUR/JPY pair consolidates as it encounters resistance at level 145.00. A rejection of the upward movement is present at level 145.00. If it is unable to get past the resistance at the most recent high, the Yen will fall. The Yen is currently consolidating above the price of 144.00.


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