EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is trading in the bullish trend zone as it Finds Support above Level 138.00. The Yen has retraced above the 21-day line SMA after facing rejection at level 144.18. The pair has resumed its upward move above the moving averages. The currency pair will revisit the previous highs of level 144.18. However, if the bears break below the moving averages, the downtrend will resume. EUR/JPY is trading at level 140.32 as of press time.
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.
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 in an upward move as it Finds Support above Level 138.00. The price breaks above the 21-day line moving average to resume uptrend. The previous downtrend has subsided as it rebounded above level 138.00. The Yen is above the 21-day line SMA but below the 50-day line SMA. A break above the 50-day line will signal the resumption of the uptrend.
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