EUR/JPY Long-Term Analysis: Bearish
EUR/JPY pair is in a downward correction as it holds above level 135.55. The Yen has fallen to the low of level 135.54. The currency pair has broken below the previous low and may further decline to the downside. The current support is the previous low of April 26. The upward move will resume if the current support will hold.
EUR/JPY Indicator Analysis
EUR/JPY is at level 37 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone as it approaches the oversold region. The Yen is below the 20% range of the daily stochastic. The Yen has reached the oversold region. Further selling is unlikely as the market reaches the oversold region. The 50-day line SMA and the 21-day line SMA are sloping horizontally.
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 downward move as it holds above level 135.55. On July 28, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that EURJPY will fall but reverse at level 1.272 Fibonacci extension or level 135.55.
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