EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an uptrend as it breaks the overhead resistance at 144.00. The Yen has risen to level 147.19 at the time of writing. There is a likelihood of further rise of the currency pair. On October 5 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the pair will rise to level 1.2618 Fibonacci extension or level 149.40. From the price action, the Yen has reached a level of 147.30.
EUR/JPY Indicator Analysis
EUR/JPY is in the uptrend zone at level 68 of the Relative Strength Index for period 14. Presently, it is approaching the overbought region. The currency price bars are well above the moving average lines indicating a further rise of the pair. The Yen has reached the overbought region of the market as it reaches above 80% range of the daily Stochastic. The implication is that the current uptrend has reached bullish exhaustion.
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 a smooth uptrend as it breaks the overhead resistance at 144.00. Buyers have reached level 147.00 and finding penetration difficult at the recent high. The Yen will continue the uptrend once the current resistance is breached. Buyers are expected to reach the level 149.00 price level.
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