EURJPY Is on Track to Break Upwards

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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 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 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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