EUR/JPY Lengthy-Time period Evaluation: Bullish
EUR/JPY pair has retested the overhead resistance at stage 133.17 however could additional rise. The forex pair is now buying and selling within the overbought area. The Yen is consolidating close to the overhead resistance. The forex pair could additional decline or rise to a different excessive of stage 135. In the meantime, on March 23 uptrend, a retraced candle physique examined the 61.8% Fibonacci retracement stage. The retracement signifies EUR/JPY will rise to stage 1.618 Fibonacci extension or stage 135.29. From the worth motion, EURJPY is consolidating above the earlier overhead resistance.
EUR/JPY Indicator Evaluation
EUR/JPY is at stage 67 of the Relative Power Index for interval 14. The forex pair is closed to the overbought area of the market. There may be the opportunity of a marginal rise. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The pair is above the 80% vary of the each day stochastic. The each day stochastic has reached the overbought area of the market. The stochastic bands are sloping under and above the 80% vary.
Technical indicators:
Main Resistance Ranges – 133.00, 134.000, 135.000
Main Help Ranges – 128.000, 127.000, 126.000
What Is the Subsequent Route for EUR/JPY?
On the 4- hour chart, the Yen has reached the excessive of stage 133.89 however could additional rise. There may be the opportunity of an extra upward transfer. In the meantime, on March 22 uptrend, a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement signifies that EUR/JPY will rise to stage 2.zero Fibonacci extension or stage 136.21.
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