EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an uptrend as it targets level 141.00 high. The upward move was made possible as the currency pair broke the resistance at level 137.54. The pair is now trading in the overbought region of the market. Meanwhile, on March 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise but reverse at level 1.272 Fibonacci extension or $141.10.
EUR/JPY Indicator Analysis
The currency pair is at level 73 of the Relative Strength Index for period 14. The pair has reached the overbought region of the market. The current uptrend has reached bullish exhaustion. Sellers will emerge in the overbought region. The Yen is likely to fall to the downside. The 50-day line SMA and 21-day line SMA are sloping in the upward indicating the upward. The pair is above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region of the market.
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?
On the 4-hour chart, the Yen is in an uptrend but targets level 141.00 high. The pair will reach the target price of level 141.00 if the current resistance is breached. Meanwhile, on April 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.618 Fibonacci extension or $141.45.
Note: Forexschoolonline.com 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
Leave a Reply