EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is trading above the moving average lines as buyers attempt to breach 148.00 high. On November 3, the Yen pulled back after falling below the 21-day line SMA. Retesting the resistance at 148.00 is now in order for the pair. The currency pair has been bouncing below the barrier level ever since October 18. When the resistance level was tested again, the pair would fall below the 144.00 breakout level each time. To continue an uptrend, the currency pair will be propelled above level 144.00 support. The market is overbought where the Yen is now trading. On the plus side, the market will rise to 152.60 if the bulls break through the most recent high. If price drops below the moving average lines, the downtrend will resume. The Yen will fall to support level 138.00.
EUR/JPY Indicator Analysis
The EUR/JPY pair is in an upward trend for period 14 at a Relative Strength Index level of 55. It has now entered the zone of overbuying. The moving average lines are considerably above the currency price bars, suggesting that the pair will go upward. After rising beyond the daily Stochastic’s 80% range, the Yen has now crossed into the overbought area of the market. It is implied that the current bullish upsurge has peaked.
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?
As it approaches level 148.00, buyers attempt to breach 148.00 high. At level 148.00, the upswing is currently paralyzed. The price of the Yen is currently ranging between levels 145.00 and 148.00. If buyers manage to sustain the price above the level of 148.00, the market will start moving higher again. If not, the selling pressure will pick back up.
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