EUR/JPY Is in a Sideways Move but Stuck Below 144.25

EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is trading in the bullish trend zone but stuck below 144.25. The Yen has faced rejection twice at level 144.25. The upward moves on June 8 and 21 were repelled as the currency pair resumes its sideways trend. On the upside, if the bulls break the current resistance, the market will rally to level 157.58. The downtrend will resume if price breaks below the moving averages.

EUR/JPY Indicator Analysis
The Yen is at level 55 of the Relative Strength Index for period 14. The pair is trading now in the bullish trend zone. The Yen is capable of a further upward move. The currency price bars are above the moving averages indicating a possible rise of the pair. The Yen is above the 40% range of the daily stochastic. The market has resumed bullish momentum. Meanwhile, on June 8 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise to level 2.618Fibonacci extension or level 157.588.

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 but stuck below 144.25. The uptrend is facing resistance at level 144.25. The pair will decline if price breaks below the moving averages. However, the Yen will rise if the price holds above the 21-day line SMA and 50-day line SMA.

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