EUR/JPY Long-Term Analysis: Bullish
For the past week, the EUR/JPY pair has been in an upward move. The pair has earlier fallen to the low of level 131.00 from the high of 132.36. The current uptrend is retesting this level to break above it. Meanwhile, on April 30 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 2.0 Fibonacci extensions or the high of level 135.04.
EUR/JPY Indicator Analysis
EUR/JPY has risen to level 66 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone but it is approaching the overbought region. The moving averages are sloping northward indicating the uptrend.
Major Resistance Levels – 131.00, 132.000, 133.000
Major Support Levels – 128.000, 127.000, 126.000
What Is the Next Direction for EUR/JPY?
On the 4 – Hour chart, the EUR/JPY pair is in a sideways move. The resistance at level 132.36 has been retested thrice without breaking above it. On May 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or the high of level 133.45.
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