EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is trading in the bullish trend zone but is unable to sustain above 144.00. Buyers have failed to keep the price above level 144.25 overhead resistance. Today, the currency pair is declining after testing the resistance zone. The price bars have found support above the 21-day line SMA indicating further upward of Yen. A break above the overhead resistance will catapult the pair to the high of level 153.49. Meanwhile, on the June uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Yen will rise and reach level 2.0 Fibonacci extension or level 153.49.
EUR/JPY Indicator Analysis
EUR/JPY is at level 55 of the Relative Strength Index for period 14. The pair is trading now in the bullish trend zone and may further rise. The price bars are above the moving averages indicating a further rise of the pair. The Yen is above the 25% range of the daily stochastic. The market has resumed bullish momentum.
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 has been in a sideways trend but unable to sustain above 144.00. The Yen has been fluctuating between levels of 138.00 and 144.00. The downtrend will resume if price breaks below the moving average or level 138.00.
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