EUR/JPY Long-Term Analysis: Bullish
EUR/JPY pair is in an uptrend as it struggles below Level 137.00. The price broke below the moving averages and later resumed above the moving averages. The pair will rise and retest level 140.00 price level. Meanwhile, on March 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 1.272 Fibonacci extension or level 140.62. From the price action, the pair has broken above the moving averages to revisit the previous highs.
EUR/JPY Indicator Analysis
The currency pair is at level 53 of the Relative Strength Index for period 14. The Yen is in the bullish trend zone and capable of a further upward move. The price bars are above the moving averages indicating a further upward move. The pair is above the 80% range of the daily stochastic. The Yen is approaching the overbought region. The uptrend is reaching bullish exhaustion. The 21-day line SMA and 50-day line SMA are sloping upward indicating the uptrend.
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?
The currency pair has been in an upward move as it struggles below Level 137.00. The upward move is facing rejection at the 137.00 resistance zone. For the past week, buyers have not been able to push the pair above the recent high.
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