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 currency pair has begun to move upward as it targets level 158.42. The Yen is rising, reaching a high of 155.18.The currency pair’s price indicator is rising even more. A retraced candle body on the uptrend of May 2 tested the 61.8% Fibonacci retracement level. According to the retracement, EURJPY will increase to level 1.618 Fibonacci extension, or level 158.42. The Yen is currently in an overbought area of the market, the current uptrend will end soon.
Daily Chart Indicators Reading:
The Relative Strength Index for period 14 has the Yen at level 78 already. The overbought area of the market is where the currency pair is currently trading. As long as price bars are above moving average lines, the pair is rising. In a similar vein, the moving average lines show an uptrend by sloping upward.
EUR/JPY Medium-term Trend: Bullish
The Yen has reached a high of level 155.24 and is currently in a smooth uptrend on the 4-hour chart. In the shorter time frame, the Yen is firmly situated in the overbought region of the market. Bullish exhaustion will soon set in for the upward trend. The pair will experience rejection at level 158.00.
4-Hour Chart Indicators Reading
The Yen is currently trading in an overbought market. The daily stochastic is approaching level 99. The EUR/JPY currency pair has reached extreme overbought levels. Moving average lines with an upward slope indicate an uptrend.
General Outlook for EUR/JPY
The bullish run in EUR/JPY is about to end as it targets level 158.42. The price indicator indicates that there is upside movement room for the Yen. The market is anticipated to rise to a high of level 158.00.
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