EUR/JPY Continuation Pattern!

18 October 2021 | Updated: 18 October 2021

EUR/JPY dropped a little in the short term, but the current retreat is only a temporary one. It has slipped lower within a minor flag, a down channel. It’s located at the 132.44 level at the time of writing above 132.15 today’s low. The bias is still bullish, so the pair could jump higher anytime again.

The Japanese Yen has been strongly bearish lately as the Nikkei (JP225) has resumed its growth. The index has found temporary resistance and now it has slipped lower. JP225’s further growth could signal that the JPY could resume its depreciation.

EUR/JPY Technical Analysis!

EUR/JPY dropped after failing to reach the ascending pitchfork’s upper median line (UML). Also, it has failed to stay above 132.51 static resistance. Still, the retreat, correction could be only a temporary one.

Making a valid breakout from the down channel confirms this pattern as a continuation one. Closing and stabilizing above 132.54 level and registering a new higher high could activate further growth.

Conclusion!

A new higher high, a bullish closure above 132.68 level could signal potential growth at least until the upper median line (UML). Failing to come back down towards the weekly pivot point of 131.64 may announce an upside movement towards the R1 (133.59).

 

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EURJPY Reclaims 132.00 Level and Goes Higher at the End of the Week

16 October 2021 | Updated: 16 October 2021

EURJPY Price Analysis – October 15

The EURJPY’s ascent continues unabated, having already crossed the critical barrier of 132.00 on Friday. The exchange rate continues to rise and the levels within the vicinity of the 134.16 high from June is the pair’s next objective. While the eurozone’s economic recovery was progressing, ECB President Lagarde warned it was “crucial” that policy support not be withdrawn prematurely.

Key Levels
Resistance Levels: 135.00, 134.16, 133.00
Support Levels: 131.00, 130.50, 130.00
EURJPY Long term Trend: Ranging
This week, the EURJPY rebound appears to have broken above 132.00, allowing for further stabilization. Exiting this zone could lead to a visit to the 134.16 high points. If the corrective spike persists, the pair may retest previous highs near 134.16. In a larger sense, the increase from 121.63 is viewed as a mid-term expansion phase in the long-term trend of joint consolidation.

As long as the support level of 125.09 remains unchanged, a steady gain is expected. The breakthrough of the 131.00 level, on the other hand, could indicate that the rally from the 121.63 level has come to an end, drawing attention back to the lows.
EURJPY Short term Trend: Bullish
After reaching the 132.77 level, below the 133.00 resistance level, the EURJPY rebound has slowed. The pair’s intraday bias has returned to neutral. A prolonged breakthrough of the 132.00 resistance level, on the other hand, could signal the end of the correction from the 128.33 level.

There could be another surge to retest this peak. A breach of the 132.00 area lower, on the other hand, might push the trend back to the negative and towards the 130.00 support level. In all likelihood, the EURJPY pair will continue to consolidate throughout the upcoming trading session.

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EURJPY Stabilizes Beneath 129.00 Following Surging Eurozone Inflation

2 October 2021 | Updated: 2 October 2021

EURJPY Price Analysis – October 2

At the close of the week, EURJPY found its near-term base at 128.54 and traded just below the 129.00 level. Meanwhile, after fall from a top point at 130.47 level, the pair is stabilizing. After depreciating by 1.35 percent in the previous two days, the common currency was unable to make a meaningful rebound on Friday. The inflation in the Eurozone is surging, putting downward pressure on the EUR.

Key Levels
Resistance Levels: 130.50, 130.00, 129.50
Support Levels: 128.00, 127.50, 127.00
EURJPY Long term Trend: Ranging
Meanwhile, the EURJPY pair’s ranging trend continues, as the pair is currently trading at 128.74, beneath the moving averages 5 and 13. If sellers keep moving south, September lows around 127.93 might come under pressure, putting 127.50 lows in jeopardy (February 22).

As long as the 127.93 support level is sustained, more gains are predicted. At the next 129.50 levels, a break of 130.00 would seek recovery from 127.93 (low) to 131.00. A break lower of the 128.50 level, on the other hand, would indicate that the rebound from 127.93 is over and that the focus has shifted back to this low.
EURJPY Short term Trend: Ranging
The EURJPY intraday bias is negative as the consolidation from 130.47 continues. The price is expected to continue ranging until minor support level 128.00 is reached. Three cycles down to the level of 128.00 might have ended the correction from the level of 131.00.

The 129.50 upper level should be retested if the minor resistance zone at 129.13 is breached. A violation of the minor support level at 128.29, on the other hand, would extend the correction with another drop to 127.50.

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EURJPY Ascends to the 129.75 High, Where Stiff Resistance Awaits

24 September 2021 | Updated: 24 September 2021

EURJPY Price Analysis – September 24

EURJPY rose for the second session in a row on Friday, briefly testing the range just above mid 129.00. Global equity futures indices are rising, indicating that the market mood is positive. Evergrnade’s problems fade away, although vigilance is advised. The strongest currencies in the FX market are the British pound and the euro, while the US dollar is the weakest across the board.

Key Levels
Resistance Levels: 132.00, 131.00, 130.00
Support Levels: 129.13, 128.29, 127.30
EURJPY Long term Trend: Ranging
In a broader sense, a rise from level 127.93 is considered as a medium to long-term rising phase inside a long-term sideways trend. A further gain is expected as long as the 128.00 support level holds. The EURJPY may continue rising into the next session.

A breach of the 130.00 level might target a 61.8 percent retracement of the 134.12 (high) level to 121.61 at the next 129.62 level. Even so, the continuous breach of the 130.00 level may imply that growth has been accomplished from the 121.69 level, refocusing attention on this low.
EURJPY Short term Trend: Ranging
The EURJPY is stabilizing above 129.13, with the previous month’s high at 130.17 level and now having reached a fresh high in the current month at 130.74. The optimistic outlook is expected to hold as long as EURJPY trades above the 4-hour moving average 5 and 13.

In a broader sense, the full downturn from the high of 130.74 should have been completed by level 127.93. Increasing from 128.00 may target a retracement of 134.12 to 127.93 levels, with 130.00 as the next target. A continuous split may occur, bringing the target to level 134.12 (high).

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EURJPY Expected To Fall Further Beneath 129.00

10 September 2021 | Updated: 10 September 2021

EURJPY Price Analysis: Sept 10

After two consecutive daily pullbacks and fresh lows in the 129.70 range, EURJPY manages to return to positive territory today. However, for the 2nd day in a row, EURJPY buyers are battling the 130.00 zones. The longer downside pressures remain, the greater the likelihood of a correction to the downside.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Level: 129.13, 128.58, 128.00
EURJPY Long term Trend: Ranging
Bearish traders are anticipated to continue to push the EURJPY lower during the upcoming trading session as the exchange rate fell from 130.50 hurdles. The 126.00 support level, on the other hand, may be able to keep the exchange rate stable in the medium run. As long as the resistance level at 130.50 remains steady, a further decline is predicted.

A break over 130.50 might lead to recovery towards the high of 134.12 to 125.08 at 127.50. Trading above this level could lead to the next objective of 137.49. A strong breakout of 126.00, on the other hand, could signal that the rebound from 127.93 is over, bringing the focus back to the low.
EURJPY Short term Trend: Ranging
The EURJPY is still trading beneath the 130.00 regions, with an early neutral intraday bias. Another gain is fall is likely, as the support level of 129.62 remains a weak support level. A decisive bullish return past 130.00, on the other hand, will resume entire advances from 127.93.

The mid-term support level of 129.13 may be the next aim on further fall. A break of revised support at 128.00, on the other hand, might reverse the downtrend and broaden the range from 130.00 with a new phase of drop.

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EURJPY Recovers to Tops, Fear of Losing Steam at 130.74 Level Stays

3 September 2021 | Updated: 3 September 2021

EURJPY Price Analysis – September 3

EURJPY now consolidates some of its previous gains to recent highs around the 130.74 level and recedes to 130.44 intraday lows at the time of this post. Goushi Kataoka, a renowned tenacious dove on the BoJ board, cautioned that the Japanese economy was still in a “serious state.” The economy is improving, but it isn’t doing so quickly sufficient.

Key Levels
Resistance Levels: 133.00, 132.00, 131.00
Support Levels: 130.00, 129.00, 128.00
EURJPY Long term Trend: Ranging
If bullish momentum sustains, the pair is projected to continue to the next significant region around 131.08, where it hit a barrier on July 13, as shown on the daily chart. Just above the 131.00 level, there is significant horizontal resistance farther north.

While the RSI’s recovery towards the near overbought area signals the pair will rebound further, the EURJPY bulls will need a clear break of the 131.00 marks to advance to the 131.27 level and the June high near the 132.70 regions. Overall the pair may consolidate at the top.
EURJPY Short term Trend: Bullish
With a reversal from 127.93 to 130.74 at 130.69 at present, the EURJPY intraday bias remains bullish. A strong breach higher would indicate the start of the whole corrective upsurge from the level at 127.93, is aiming for a 100 percent reversal at 131.00, near the critical resistance zone.

A breach of the 130.00 level lower, on the other hand, will bring the ascending trend back to retest the 129.00 trading range. A clear drop below the 128.50 marks, on the other hand, might send the price plummeting into the psychological magnets around 128.00.

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EUR/JPY Poised To Resume Its Upside Journey!

25 August 2021 | Updated: 25 August 2021

EUR/JPY is trading in the green at 129.02 level and it seems determined to take out the immediate resistance levels. The pair is at resistance, so we’ll have to wait for a valid breakout before considering going long.

The bias is still bearish, that’s why we have to wait for confirmation that EUR/JPY will develop an upside reversal. It’s trapped within a down channel pattern which could represent a reversal one. The Japanese Yen could lose more ground versus its rivals if the JP225 (Nikkei) jumps higher after a minor drop.

EUR/JPY Technical Analysis!

EUR/JPY has retested the weekly pivot point (128.59) registering only a false breakdown with great separation through it. It’s pressuring the downtrend line, making a valid breakout above this dynamic resistance could signal further growth.

The pair has retested the lower median line (LML) confirming it. The median line (ML) is seen as a major and strong target. Technically, being rejected by the downtrend line could invalidated the bullish scenario and could send EUR/JPY down.

Conclusion!

A valid breakout through the downtrend line followed by a new higher high could signal a potential further growth!

 

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EURJPY Recovers From Intraday Lows on Eurozone Trade Surplus

13 August 2021 | Updated: 13 August 2021

EURJPY Price Analysis – August 13

In the early hours of the American session on Friday, the EURJPY sustains its bounce from an intraday low of 129.36, returning to the prior day trading zone. The pair held steady on the broader EUR advance as Eurostat statistics revealed that the eurozone had a trade surplus of €12.4 billion, which was higher than the market expectation of €9.3 billion.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Levels: 128.58, 127.50, 126.72
EURJPY Long term Trend: Ranging
In a broader sense, the robust bounce from support level 129.61 implies that the entire steady drop from the high of 134.16 has come to an end at 128.59. The current surge may soon aim for a 61.8 percent retracement from 134.16 to 128.59 levels at the next stage of 130.00.

There, the sustained break allows for a level of 134.16 to be attempted once again. For the time being, the horizontal support line (currently at 128.59) remains intact, as this appears to be the most likely scenario.
EURJPY Short term Trend: Ranging
On positive consolidation in the 4 hour RSI, the continuous range of EURJPY’s sub 130 resistance level signals a short-term bottoming at a level of 128.58. When this area of resistance is broken, the next target will be 130.50 level in the horizontal barrier line’s confluence zone.

The intraday bias is already in favor of a stronger recovery to the 130.00 barrier level. The 128.58-level break will instead launch a larger slump on the downside. To persuade EURJPY buyers to challenge a somewhat broader resistance line near 131.00, an upside breach of the resistance zone requires confirmation from MA 5 cross above MA 13 at 129.80.

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EURJPY Slides Beneath a Key Obstacle, With US Non-Farm Payrolls Next

6 August 2021 | Updated: 6 August 2021

EURJPY Price Analysis – August 6

Before finding buyers versus the Japanese Yen, the EUR continues to fall below the 130.00 level while searching for a solid rebound, the EUR/JPY traded as low as 129.58 at the time of this post. In July 2021, nonfarm payrolls in the United States may rise from 850K to 870K. This suggests that the market will continue to increase in the following sessions. The EURJPY may whipsaw as the forex market moves erratically.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Levels: 128.58, 128.00, 127.50

EURJPY Long term Trend: Ranging
The single European currency has declined 38 pips or 0.20 percent versus the Japanese Yen in the current trading session compared to the previous trading session. During the previous session, a breakout occurred through the top end of the horizontal resistance level of 130.00.

The lower step is just corrective and has the potential to spread to the region 129.00, which is where the immediate support line is located. As long as the horizontal support level at 128.29 holds, the trend at the cross is considered optimistic.

EURJPY Short term Trend: Ranging
Now that the rising trendline support line has gone through at 129.02, the EURJPY trend has switched to short-term consolidation. When the short-term trend recovers, experts expect that the pair will touch its high point around 131.20 in mid-Aug, while EURJPY is trading above 130.00.

Although, the 4-hour Relative Strength Index (RSI) shows that the EURJPY is losing some upside momentum. The tough rebound from the 128.58 level is still in favor of expanding towards a high level of 130.50, with the minor level of support at 129.13 intact.

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EURJPY Sustains Near Term Bias Towards 131.00 on Expected EU Data

30 July 2021 | Updated: 30 July 2021

EURJPY Price Analysis – July 30

During the early European trading hours on Friday, the EURJPY surged somewhat. The pair has continued to rise from July 20 lows and is now on track to reach the 130.50 level. Although the Euro’s advances are constrained by the ECB’s outlook and anticipated mixed economic data.

Key Levels
Resistance Levels: 132.70, 132.00, 131.00
Support Levels: 129.61, 128.58, 127.50
EURJPY Long term Trend: Ranging
The EURJPY is steadily sustaining the trend to reach 131.01 level, the pair is maintaining its northward surge. It is currently trading at a high of 130.32, up 0.08 percent with more room for the upside, and a break above the 130.50 resistance zone will take it to 131.00, a near-term barrier.

Initial support, on the other hand, is at 130.00, followed by 125.00 (the November 30 low) and lastly 129.61. In the meantime, the rise from 121.63 is considered as a medium-term phase of growth inside a long-term consolidation trend. As long as the support level of 127.50 remains unchanged, a steady gain is likely.
EURJPY Short term Trend: Ranging
For the time being, the intraday slope of EURJPY remains horizontal as it fluctuates from the temporary low of 128.58. On the contrary, even if there is a bigger comeback, a steeper decline may continue in support as long as the 131.00 resistance level holds.

A breach of the temporary low of 130.00, which is close to the important support level of 129.61, might resume the decline from 131.00 to a pullback from 128.59 to 129.61. However, the exchange rate may be supported in the short run by the lower boundary of the uptrend line.

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.