EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in the bullish trend zone as it challenges level 148.00 . Since October 18, the currency pair has been fluctuating below the resistance level. Each time the resistance level is retested, the pair would decline above the breakout level of 144.00. The currency pair is propelled above level 144.00 supports to resume uptrend. The Yen is trading in the overbought region of the market. On the plus side, if the bulls breach the recent high, the market will rally to level 152.60. The downtrend will resume if price breaks below the moving average lines. The Yen will decline to level 138.00 support.
EUR/JPY Indicator Analysis
For period 14, EUR/JPY is in an uptrend at Relative Strength Index level 60. It is currently reaching the overbought territory. The currency price bars are well above the moving average lines, indicating that the pair will advance further. The Yen has entered the market’s overbought zone after crossing above the 80% range of the daily Stochastic. The implication is that the present bullish upsurge has hit its limit.
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 is in an uptrend as it challenges level 148.00. The current uptrend is stuck at level 148.00. Presently, the Yen is fluctuating between level 145.00 and 148.00 price levels. The market will resume upward if buyers keep the price above the level 148.00. Otherwise, the selling pressure will resume.
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