EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an upward move. In the first uptrend, the currency pair was resisted at level 132.50. The market declines to resume a fresh uptrend. The upward move will resume if price clears the initial resistance at Level 132.50. Meanwhile, on June 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that the pair will rise to 2.0 Fibonacci extension or level 135.37. From the price action, the market has reached the high of level 131.00.
EUR/JPY Indicator Analysis
EUR/JPY has fallen to level 42 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping downward. The currency pair is still in the bearish trend zone as price is below the moving averages.
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 pair is in a downward correction as the market indicates bullish signals at the bottom of the chart. Meanwhile, on June 23 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will fall to level 2.0 Fibonacci extensions or level 131.31.
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