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

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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 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 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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