EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an uptrend as it targets level 141.00. The Yen is expected to reach the previous highs of levels 142.00 and 144.00. However, the currency pair is likely to face rejection as the market reaches the overbought region. On the upside,buyers have failed to keep the price above level 144.00 since June.
EUR/JPY Indicator Analysis
EUR/JPY is at level 60 of the Relative Strength Index for period 14. It indicates that the Yen is in the uptrend zone and may rise. The pair is above the 80% range of the daily stochastic. The market has reached the overbought region. The 50-day line SMA and the 21-day line SMA are sloping upward indicating the uptrend.
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 uptrend as it targets level 141.00. The pair has rallied to an overbought region of the market. On the August 30 uptrend, a retraced candle body tested the 61.8% Fibonacci retrenchment. The retracement suggests that EURJPY will rise to level 1.618 Fibonacci extension or level 141.13. From the price action, the Yen has risen to level 139.91 at the time of writing.
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