EURJPY Approaches Level 131.00,May Reverse at Level 131.07

Updated:

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 trading in the bullish trend zone but may reverse at level 131.07. In the last bullish move, the upward move was interrupted at level 131.00 resistance. This has caused the pair to fall to the low of 129.77 as bulls bought the dips. The currency pair has found support above the 21-day line moving average. This is an indication of a further upward move. Since January 5, the resistance at level 131.00 has not been broken. A break at the resistance will propel price to reach the high of level 133.00.

EURJPY Approaches the Overbought Region, May Reverse at Level 131.07
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. The currency pair has a bullish crossover. That is, the 21-day line SMA crosses above the 50-day line SMA indicating a buy signal. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a brief uptrend. Buyers are attempting to break above the moving averages. On January 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The EURO is likely to rise but reverse to level 1.272 Fibonacci extensions or level 131.07.

EURJPY Approaches the Overbought Region, May Reverse at Level 131.07
EUR/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The EUR/JPY pair is above the 40% range of the daily stochastic. The pair is in a bullish momentum. It is likely to face rejection at the recent high as the market approaches the overbought region.

General Outlook for EUR/JPY
EUR/JPY is in a brief uptrend but may reverse at level 131.07. The currency pair is trading near the overbought region. According to the Fibonacci tool analysis, the EURO is likely to rise but reverse to level 1.272 Fibonacci extensions or level 131.07.



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Annual Forecast for EURJPY (2022)

Updated:

EURJPY Annual Forecast – Price Is Set to Scale New Heights With a Bullish Flag Formation

The annual forecast for EURJPY is for it to scale new heights, having conformed to a bullish flag formation. The bullish flag formation, an offshoot of the triangle pattern, began towards the tail end of 2020 as bulls began to exercise dominance in the market. The market began to recover from the 116.910 support level in May 2020. It pulled back when it first hit the upper border of its triangle pattern and surged through it at the second time of asking, thereby leading to the creation of the flag pattern.


EURJPYJPY Significant Zones

Supply Zones: 134.150, 140.650, 149.010
Demand Zones: 113.920, 116.910, 127.630

Annual Forecast for EURJPY (2022)EURJPY Long Term Plan: Bullish

A bearish impact is visible annually in the market, notably since 2013. Every time EURJPY makes a bullish move, the move is cut off prematurely and it always leads to a plunge back around the 113.920 demand level. This happened from 2013 to 2016, and then from 2017 to 2020. The result is a triangle-tapered market structure. By June 2020, the price hit the 116.910 demand level and began another ascent, but this time, it eventually broke the triangle pattern on 2021 New Year’s Day.

The flag pole was formed as the price surged from 120.920 and was stopped abruptly at 134.150. Subsequently, EURJPY began cranking through a downward channel. This continued into the year 2022. The market forecast is for an upward liquidity flow. The upward signal of the MA Cross is still very valid. Meanwhile, the Moving Average Convergence Divergence indicator is showing dwindling bullish bars. This is due to the downward ranging in the market. Its signal lines remain above the zero level.

Annual Forecast for EURJPY (2022)EURJPY Medium Term Plan: Bearish

In early 2022, prices are set to drop after hitting the upper border of the ranging channel. The MA Cross is directed down-sideways to show the undulating nature of the current market. The same can be said for the MACD indicator.
The annual forecast is towards the end of the year 2022 into early 2023 when the bullish flag pattern is anticipated to drive the market upward towards 140.650.

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EUR/JPY Slumps to Level 130.32 Low, May Revisit Resistance at 131.50

Updated:

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

EUR/JPY Price Long-term Trend: Bearish
EUR/JPY pair is in a downward move but may revisit resistance at 131.50. The uptrend of January 5 has been terminated at the high of level 131.50. Today, the currency price has broken below the 50-day SMA and it is approaching the 21-day SMA. The current selling pressure will be accelerated if price breaks below the 21-day SMA. On the other hand, if EUR/JPY finds support above 21-day SMA, the currency pair will resume a range-bound move between moving averages.

EUR/JPY Slumps to Level 130.32 Low, May Revisit Resistance at 131.50
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
The market is at level 54 of the Relative Strength Index period 14. The pair is in the uptrend zone but it is retracing to the downside. The currency price is now between the 21-day line SMA and the 50-day line SMA indicating a possible range bound zone. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous uptrend.

EUR/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The previous uptrend was terminated at 131.50 as the market reached an overbought. The pair declined but made an upward correction. EUR/JPY resumes selling pressure after facing another rejection at the recent high. On January 6 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The EURO is likely to fall to level 2.618 Fibonacci extensions or level 129.02.

EUR/JPY Slumps to Level 130.32 Low, May Revisit Resistance at 131.50
EUR/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The EUR/JPY pair is below the 20% range of the daily stochastic. The pair has fallen to an oversold region of the market. Buyers are expected to emerge in the oversold region. The selling pressure is likely to end or subside.

General Outlook for EUR/JPY
EUR/JPY is in a downward move but may revisit resistance at 131.50 . Buyers have earlier failed to keep the price above level 131.50. The current retracement has retested the low of 130.00 as the pair reached the oversold region. The uptrend will resume if the current support holds.

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EURJPY Is on Track to Break Upwards

Updated:

EURJPY Price Analysis – January 7

EURJPY is on track to break upwards of its bullish flag formation. At the beginning of December last year, the price dropped to the lower border of the flag (which also confluences with the 127.630 price level). EURJPY subsequently bounced off this level and is now on an upward track. Price, therefore, positions itself to take advantage of the market’s structure to break out of its bullish flag structure.


EURJPY Significant Levels

Resistance Levels: 134.150, 130.690
Support Levels: 127.630, 122.680

EURJPY Is on Track to Break UpwardsEURJPY Long Term Trend: Bullish

Following a period of market turbulence, the EURJPY took off with great effort and reached the resistance level of 134.150. A combination of downward forces bent the price direction downward, and market purchasers began using the opportunity to forge the price into a bullish structure. Therefore, EURJPY followed an undulating track to form the bullish reversal structure.

The market started dropping from 131.860 and has undulated downward to make consistent lows till it reaches the 127.630 support level. Price has now rebounded off this level to drive towards the upper border of the flag structure. The MA Cross shows strong bullishness, having crossed upward. The Stochastic Oscillator has, however, entered an overbought region and the price is retracing to 130.690 for the market to break past the upper border of the flag structure.

EURJPY Is on Track to Break UpwardsEURJPY Short Term Trend: Bearish

On the 4-hour chart, the price has fallen to 130.690 and is about to resume its upward trend in order to break the upper border of the flag. There is already an upward cross on the MA Cross indicator. The Stochastic Oscillator lines have bounced off the border of the oversold region and have crossed upward. EURJPY is expected to bounce off 130.690 and break through the upper border of the flag formation to rise to 134.150.

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EUR/JPY Retraces Above Level 130.26, May Resume Uptrend

Updated:

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
Since December 20, EUR/JPY had been rising as it may resume uptrend. The currency price broke above the moving averages to reach the high of l 131.02. The market is retracing to the support above level 130.26. The 130.56 price level is the historical price level of September 2 . As Yen retraces, it is retesting the resistance level of September 2. The currency pair will resume upward if it holds above level 130.26 support. The EUR/JPY is held at level 130.26 at press time.

EUR/JPY Retraces Above Level 130.26, May Resume Uptrend
EURJPY – Daily Chart

Daily Chart Indicators Reading:
The currency price is above the 21-day line SMA and the 50-day line SMA which indicates that the market will rise on the upside. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend move. The pair is at level 56 of the Relative Strength Index period 14. The EURO is in the uptrend zone and capable of rising on the upside.

EUR/JPY Medium-term Trend: Bearish
On the 1-hour chart, the pair is in a downward move.
The currency price faces rejection from the high of level 131.00. The price breaks below the moving averages. On January 2 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The EURO is likely to fall to level 1.618 Fibonacci extensions or the low of level 130.48. From the price action, the market has declined to the low of level 130.10 and pulled back.

EUR/JPY Retraces Above Level 130.26, May Resume Uptrend
EUR/JPY – 1 hour Chart

1-hour Chart Indicators Reading
The EUR/JPY pair is currently above the 25% range of the daily stochastic. The pair was earlier in the oversold region. Buyers are expected to emerge in the oversold region


General Outlook for EUR/JPY
EUR/JPY has retraced above the support of the 50-day line SMA as it may resume uptrend. The currency pair is likely to resume upward to revisit the previous highs

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EURJPY Is Expected to Burst Upward in Accordance With Its Flag Pattern

Updated:

EURJPY Price Analysis – December 31

EURJPY is expected to explode in an upward direction after it conforms to a bullish flag pattern. Before the flag sheet began to form, the flag pole’s length had reached the 134.150 resistance level. Price can be seen undulating downwards through a channel. In doing so, it has violated the next key level at 130.690. The market is now resting on a lower key level at 127.630 and has rallied from this point upward.


EURJPY Key Levels

Resistance Levels: 134.150, 130.690
Support Levels: $116.910, 127.630

EURJPY Is Expected to Burst Upward in Accordance With Its Flag PatternEURJPY Long Term Trend: Bullish

The turning point for the buyers is at $116.910. The market began to be bullish from here, immediately ascending above 122.680 before it dropped in a retracement. It lifted again and dropped in retracement around 122.680. Afterward, the market surged up to create the flag pole in the flag formation. The flag pole accounts for over 9% of the increase in the market, and liquidity is expected to flow even higher.

The flag pole is formed first, and then the flag sheet is also formed below the 134.150 resistance level. The MA period 80 (Moving Average) is acting as a support for the market by combining with the 127.630. At the current round of undulation, EURJPY is expected to break out of the flag pattern. A bullish engulfment candlestick is a testament to this. The Relative Strength Index (RSI) shows a strong bullish market move as its line surges past midlevel towards the overbought level.

EURJPY Is Expected to Burst Upward in Accordance With Its Flag Pattern EURJPY Short Term Trend: Bullish

On the 4-hour chart, the market is very much bullish as it bounces up a trendline. The MA period remains below the candlesticks, providing necessary support. The RSI indicator is showing the price in a bullish region and hovering just below the overbought region as the market pulls back and bursts upward at intervals.

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EUR/JPY Continues Sideways Move as It Faces Further Decline

Updated:

EUR/JPY Significant Levels
Resistance Levels: 0.7400, 0.7600, and 0.7800
Support Levels: 0.7100, 0.6900 and 0.6700

EUR/JPY Price Long-term Trend: Bearish
EUR/JPY is in a sideways trend as it faces further decline. The previous uptrend was terminated on May 24 as the market reached the high of level 134.00. From the rejection at the recent high, the market declined to the low of level 128.00. Since August, EUR/JPY has been fluctuating between levels 128.00 and 134.0. The uptrend will resume if price breaks above the resistance at 134.00. The downward correction will continue as long as the overhead resistance remains unbroken. Today, the market is resuming upward to retest the overhead resistance.

EUR/JPY Continues Sideways Move as It Faces Further Decline
EUR/JPY – Weekly Chart

Weekly Chart Indicators Reading:
EUR/JPY has risen to level 52 of the Relative Strength Index for period 14. The pair is in the uptrend zone and capable of a further upward move. The pair price bars are below the moving averages which indicate a further downward move.

EUR/JPY Medium-term Trend: Ranging
On the daily chart, EUR/JPY is in a sideways move below level 134.00. The currency pair is in a downtrend as buyers attempt to push the Yen above the moving averages. Presently, the uptrend is facing rejection at a recent high. The pair faces rejection at the recent high as the downward correction resumes.

EUR/JPY Continues Sideways Move as It Faces Further Decline
EUR/JPY Daily Chart

Daily Chart Indicators Reading
The Yen is above the 80% range of the daily stochastic. The market has reached the overbought region of the market. The currency pair will fall as sellers emerge in the overbought region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for EUR/JPY
EUR/JPY is in a downward correction as it faces further decline. The pair is likely to fall as the market reaches the overbought region. A break above the moving averages will push the pair to retest the overhead resistance.

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EURJPY Recovers From Lows To 128.40, Focus Shifts to ECB Meeting

Updated:

EURJPY Price Analysis – December 10

The EURJPY pair recovers from lows on Friday to trade at 128.40 intraday high level. After finding buyers around the 127.81 level during the day, the pair appears to be on track to conclude the week approximately 0.17 percent higher. As attention shifts to next week’s ECB meeting, pandemic uncertainty is putting the pair under pressure.

Key Levels
Resistance Levels: 130.00, 129.50, 129.00
Support Levels: 128.00, 127.50, 127.00
EURJPY Long term Trend: Ranging
The cross is presently trading around 128.34, with the next resistance level at 128.58 and 129.00 (psychological barrier), and finally 130.00 as the next high level. On the other side, a collapse below the 127.38 level (weekly low and Dec 3) will show the 127.30 immediate support level and, finally, the major 127.00 levels.

Overall, the EURJPY daily chart’s technicals show that a daily close above 128.50 could offer momentum for a move to the register another high before the end of 2021. Although the relative strength index continues to sustain the upward trend showing further gains are still conceivable in the longer term.
EURJPY Short term Trend: Bearish
EURJPY remains in the 127.50/129.00 range on the 4-hour timeframe, with a neutral intraday bias. A breach of the 129.00 level, on the other hand, would point to a retest of the 130.00 high. In the medium term, however, the exchange rate may make a short-term pullback towards the horizontal line of support at 127.50.

A further rally within the middle price channel is expected if the 129.00 resistance level holds. Meanwhile, a violation of the 128.00 level might move the bias to the downside, signaling a more significant decline to the 127.00 support level.

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EURJPY To Continue Falling Under the Mid-127.00 Level

Updated:

EURJPY Price Analysis – December 3

For the time being, the EURJPY further decrease is still a possibility below the mid-127.00 level. “When the requirements of the forward guidance are satisfied, we will not hesitate to act,” ECB President Christine Lagarde said earlier on Friday. The EUR/JPY is about to end the week with a significant decline below the 127.50 regions.

Key Levels
Resistance Levels: 129.61, 129.04, 128.50
Support Levels: 127.00, 126.50, 126.00
EURJPY Long term Trend: Ranging
On Friday, the EURJPY opened higher at 127.91 and moved to 128.34 intraday. The pair retreated, as bears emerged as traders focused on levels below 128.00. To investigate the bearish scenario, a decisive fall below 127.50 must be sustained. The pair may continue to fall, with bearish traders targeting round number 127.00 area as a possible objective.

Any such rebound from 127.00 horizontal support is considered as a mid-term phase bullish reversal within a long-term consolidation trend. As long as the 127.50 support level holds is breached and the fall sustained, a further bearish move is expected. A strong breakout of 127.50, on the other hand, would confirm that the breach lower has come to an end, bringing 128.50 back into focus.
EURJPY Short term Trend: Bearish
The EURJPY is still running lower from its October 20 medium-term high of 133.47, and the intraday bias remains to the downside. If the support at 127.00 holds as support, a rebound is likely. A decisive rebound past 128.50, on the other hand, will restore entire gains and push the price further to 130.00.

The mid-term level of 128.50 resistance will be the next target. A sustained return above the revised support at 127.50, on the other hand, might reverse the downtrend and broaden the range from 133.47 level with a new phase for the run higher.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

EURJPY Depreciates to Lows Near 128.00 Following COVID Resurgence

Updated:

EURJPY Price Analysis – November 26

EURJPY pair fell for the third session in a row on Friday, depreciating to the area of recent lows in the 128.00 range. As the new strain of COVID weighs heavily on investors’ sentiment, strong buying interest in the Japanese yen puts EURJPY under added pressure in the sub-129.00 levels.

Key Levels
Resistance Levels: 130.50, 130.00, 129.61
Support Levels: 127.00, 126.50, 126.00
EURJPY Long term Trend: Ranging
On Friday, the EURJPY opened higher at 129.31 and moved lower to 127.79 intraday lows losing almost 1%. The pair plunged, as bears emerged and traders focused on levels below 128.00. To investigate the bearish scenario, a decisive fall below 128.00 must be established.

The pair may continue to fall into the next session, with bearish traders targeting the 127.00 area as a possible objective. As long as the 128.00 support level holds and the price is sustained above, more gains may be expected. A strong breakout of 128.50, on the other hand, would confirm that the rebound from 127.79 low has come to stay, bringing this low back into focus as a new bottom.
EURJPY Short term Trend: Bearish
The EURJPY is still trading bearishly from its October high of 133.47 on the 4-hour charts, and the intraday bias is still to the downside. If the resistance at 128.50 holds, a further drop is likely. A decisive rebound past 128.50, on the other hand, will consolidate on the entire rebound from 127.79 low level.

The mid-term support turned resistance level of 130.00 will be the next level of contention. A break of revised support around the 128.00, on the other hand, might reverse the rebound and broaden the down leg from 130.00 with a new phase of the drop towards the mid 127.00 in the coming session.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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  • Score
  • Visit Broker
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$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
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$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
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9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
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$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
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$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.