EUR/JPY Long-Term Analysis: Bullish – between levels 145.00 and 148.00
The EUR/JPY pair is confined between the moving average lines as it ranges between levels 145.00 and 148.00. The currency pair has been fluctuating in price between the moving average lines since November 10. Today, the pair is rising to reach the previous highs. It will trend when the moving average lines are broken. For instance, in order to resume an advance, the pair must be raised above level 144.00 support. Positively, the market will rise to 152.60 if the bulls are successful in surpassing the most recent high. On the other hand, if the price breaks below the 50-day moving average line, the price will resume its downward trend.
EUR/JPY Indicator Analysis
According to the Relative Strength Index for period 14, the EUR/JPY pair is at level 49. It suggests that supply and demand are in equilibrium. The fact that the pair is trading between the moving average lines suggests that the currency pair will move in a range. The increasing slope of the moving average lines indicates an 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 EUR/JPY is still in the bullish trend zone as it ranges between levels 145.00 and 148.00. At level 148.00, the uptrend has been present. The value of the Yen is now ranging between 145.00 and 148.00. The Yen will retest or surpass the 148.00 mark if buyers are able to keep the price above the moving average lines. If buyers are unable to sustain the price above the moving average lines, the Yen will fall.
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