EUR/JPY Rebounds Above 127.40, Attempts to Break Previous Highs
Login

EUR/JPY Rebounds Above 127.40, Attempts to Break Previous Highs

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 downtrend as it attempts to break previous highs.The Yen is approaching the oversold region of the market. Since November 29, the currency price has been consolidating above level 127.40. The pair has rebounded above the current  support and it is resuming upward. The upward movement will continue on the upside if the current support holds. Meanwhile, on November 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EUR/JPY will fall but reverse at level 1.272 Fibonacci extension or 126.58. From the price action, EUR/JPY has begun resumption of an uptrend.

EUR/JPY Rebounds above 127.40, Attempts to Break Previous Highs
EUR/JPY – Daily Chart

Daily Chart Indicators Reading:
EUR/JPY is at level 43 of the Relative Strength Index for period 14. The pair is in the downtrend zone and has resumed an upward move. The uptrend will have an accelerated movement if it breaks above the moving averages. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

EUR/JPY Medium-term Trend: Ranging
On the 4- hour chart, EUR/JPY is in a sideways move. Since November 19, the currency pair has been fluctuating between levels 127.50 and 129.50. Recently, the Yen rallied to 129.50 high but the bulls could not sustain the bullish momentum. The pair could have been out of downward correction if the bullish momentum is sustained above level 130.50. The market declined to the lower price range and resumed upward.

EUR/JPY Rebounds above 127.40, Attempts to Break Previous Highs
EUR/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. It has fallen to the oversold region of the market. Buyers will emerge in the oversold region to push prices upward. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The upward move has just begun above the current support.

General Outlook for EUR/JPY
EUR/JPY has resumed an upward move as it attempts to break previous highs. Buyers have an uphill task to break above the moving averages and breach the previous highs. The Yen has reached the high of level 128.06 at press time.


You can purchase crypto coins here: Buy Coins

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News