EUR/JPY Long-Term Analysis: Bullish
The currency pair price is making a series of higher highs and higher lows. EUR/JPY reaches the high of level 143.43 and it is currently retracing. Meanwhile, on April 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 2.0 Fibonacci extensions or the high of level 134.99
EUR/JPY Indicator Analysis
EUR/JPY has risen to level 69 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone but it is approaching the overbought region. The moving averages are sloping northward indicating the uptrend. The uptrend is likely to continue as price bars are above the SMA.
Technical indicators:
Major Resistance Levels – 131.00, 132.000, 133.000
Major Support Levels – 128.000, 127.000, 126.000
What Is the Next Direction for EUR/JPY?
On the 4 – Hour chart, the EUR/JPY pair is in a smooth uptrend. The pair faces rejection at the high of level 133.50. The pair retraced to the support of the 21-day SMA. On May 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or the high of level 133.43.
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