EUR/JPY Long-Term Analysis: Bearish
EUR/JPY has been in a downward move. In its downward move, the pair fell to the low of level 129.00 and resumed consolidation above the current support. Since July 19, the price action has been in a sideways move. Meanwhile, on June 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.0 Fibonacci extensions or level 125.98.
EUR/JPY Indicator Analysis
The pair has fallen to level 42 of the Relative Strength Index period 14. It indicates that the pair is in the bearish trend zone and capable of falling on the downside. The 50-day SMA and 21-day SMA are sloping downward. The pair has a bearish crossover. The 21-day SMA crosses below the 50-day SMA. EUR/JPY pair is above the 25% range of the daily stochastic. It indicates that the market is ina bullish momentum.
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 a downward move. Presently, the pair is consolidating above level 129 since July. Meanwhile, on July 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that EUR/JPY will decline to level 1.618 Fibonacci extensions or level 128.12
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