EURJPY Continues Its Zigzag Movement Towards the 127.630 Significant Level

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EURJPY Price Analysis – January 28

EURJPY continues its zigzag movement in a flag formation. The price has once again hit the upper border of the flag sheet and is on a descent. After a bit of hesitation, the market has now dropped below the 130.690 price level. EURJPY continues dropping as it now approaches the 127.630 significant level. Despite the predetermined zigzagging movement of EURJPY, the key levels are playing a big role in ordering the market.


EURJPY Significant Levels

Resistance Levels: 134.150, 130.690
Support Levels: 127.630, 125.420

EURJPY Continues Its Zigzag Movement Towards the 127.630 Significant LevelEURJPY Long Term Trend: Bullish

In 2021, the market began conforming to a flag pattern, and this continues in 2022. The flag pattern has now attained three crests and two troughs. The third trough is in the stage of formation as the market is now dropping. The 127.630 key level is very decisive in the market as no crest has dropped below it. The flag formation is a bullish one and is in a mature stage, such that a breakout is expected soon.

However, with the formation of the third trough, the price is now dropping towards the impervious 127.630 support line. A break below the key level will indicate that the market may continue ranging for a while more. But a sharp bounce back from this level will most likely hasten the upward price breakout. The current stalling market, coupled with the Stochastic Oscillator already in an overbought state, might predispose the price to rebound from 127.630.

EURJPY Continues Its Zigzag Movement Towards the 127.630 Significant LevelEURJPY Short Term Trend: Bearish

We can expect the market to continue dropping on the 4-hour chart, at least till it gets to 127.630. The MA period 40 (Moving Average) remains aligned above the candles to resist any immediate upward movement. The Stochastic Oscillator has its signal line crossing downwards as the price continues to drop towards 127.630.

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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.