EUR/JPY Resumes a Sideways Trend as It Faces Rejection at 144.00

EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is trading in the bullish trend zone as it faces rejection at 144.00. On October 4, the currency pair rallied to the high of level 144.07 but faced rejection at the recent high. The pair has retraced below the 21-day line SMA. It will be compelled to a range-bound move for a few days. On the upside, the pair will resume a fresh uptrend if price breaks above the 21-day line SMA. In the meantime, EUR/JPY is trading at level 142.02 at the time of writing

EUR/JPY Indicator Analysis
The Yen is still trading in the bullish trend zone at level 53 of the Relative Strength Index for period 14. The currency pair may resume a sideways move as it is between moving average lines. The current uptrend has risen to the overbought of the market. It is above the 80% range of the daily Stochastic. The market is likely to decline to the previous low.

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?
On the 4-Hour Chart, EUR/JPY is trading in the bullish trend zone as it faces rejection at 144.00. On October 11 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that EUR/JPY will rise to level 2.618 Fibonacci extension or level 142,84. From the price action, the Yen reached a high of 142.10 but retraced above the moving average lines.

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