EUR/JPY Long-Term Analysis: Bearish
EUR/JPY pair is in an uptrend because it retests 131.00 overhead resistance. Today, the foreign money pair has risen and it’s retesting the earlier resistance degree at degree 131.00. Nevertheless, if the present bullish momentum is sustained, the Yen will attain the overhead resistance at degree 133.00. However, from the worth motion, the bulls are discovering penetration troublesome on the overhead resistance. EUR/JPY has reached the overbought area and will decline.
EUR/JPY Indicator Analysis
The foreign money pair is at degree 63 of the Relative Strength Index for interval 14. The pair is within the uptrend zone and is able to rising to the upside. The foreign money value is above the 21-day SMA and 50-day SMA indicating an extra upward motion of the pair. The 21-day SMA and 50-day SMA have been sloping horizontally indicating the sideways development. EUR/JPY is above the 80% vary of the day by day stochastic. The pair has reached the overbought area and will quickly decline.
EUR/JPY -Daily Chart
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 is in an upward transfer because it retests 131.00 overhead resistance. The pair has risen and reached the overbought area of the market. Meanwhile, on February 1 uptrend, a retraced candle physique examined the 50% Fibonacci retracement degree. The retracement signifies that EUR/JPY will rise to degree 2.0 Fibonacci extension or degree 130.72. From the worth motion, the Yen has damaged the Fibonacci extension to succeed in the excessive of degree 131.50. The market has reached the overbought area.
EUR/JPY – 4 Hour Chart
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