EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an upward move as price breaks the 50-day SMA. Uptrend proper will arise when price breaks above the moving averages. The upward move is currently facing resistance at the recent high. In the previous downtrend, a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that the pair will fall to 2.0 Fibonacci extension. The market has tested the Fibonacci level and moved up. Presently, the price is retracing from the recent high.
EUR/JPY Indicator Analysis
EUR/JPY has fallen to level 47 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50. The price bars have broken above the 50-day SMA. A break above the moving averages will compel the pair to resume an upward move.
Technical indicators:
Major Resistance Levels – 133.00, 134.000, 135.000
Major Support Levels – 128.000, 127.000, 126.000
What Is the Next Direction for EUR/JPY?
EUR/JPY pair is in an upward move but the uptrend is facing rejection at level 132.70. The currency pair is falling after rejection from level 132.70. Meanwhile, on June 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will fall to level 2.0 Fibonacci extensions or level 131.80.
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