EUR/JPY Retraces above Level 136.71, May Rise to $140 High

Key Resistance Levels: 132.00, 133.00, 134.00
Key Support Levels: 129.00, 128.00, 126.00

EUR/JPY Price Long-term Trend: Bullish
EUR/JPY pair is in an uptrend but may rise to $140 high. The Yen retraced to level 135.29 and resumed upward. The Yen is in the bullish trend zone and capable of revisiting the previous high. However, if price breaks below the 21-day line moving average, the Yen will be compelled to a range-bound move between the moving averages. In the meantime, the bears are attempting to break below the 21-day line moving average.

Daily Chart Indicators Reading:
The Yen is at level 54 of the Relative Strength Index for period 14. The pair is trading in the bullish trend zone and may further rise to the previous high. The price bars are above the moving averages indicating that the pair would further rise. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4- hour chart, the currency pair is in a downward move as price breaks below the moving averages. The implication is that the market would further decline to the previous low. The market will further decline to level 134.98 if the bears are successful.

4-Hour Chart Indicators Reading
EUR/JPY is below the 40% range of the daily stochastic. The pair is in a bearish momentum. The price bars are below the moving averages indicating a further downward move. The 21-day line and the 50-day line moving averages are sloping sideways move to indicate the sideways move.

General Outlook for EUR/JPY
EUR/JPY is in an uptrend but may rise to $140 high. The uptrend will resume if the price bars remain above the moving averages. The Yen will fall if price breaks below the moving averages.

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