{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/eur-jpy-reaches-an-oversold-region-as-it-consolidates-above-level-127-29\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/eur-jpy-reaches-an-oversold-region-as-it-consolidates-above-level-127-29\/","headline":"EUR\/JPY Reaches an Oversold Region as It Consolidates above Level 127.29","name":"EUR\/JPY Reaches an Oversold Region as It Consolidates above Level 127.29","description":"EUR\/JPY Long-Term Analysis: BearishEUR\/JPY pair is in a downtrend as it consolidates above Level 127.29. The currency pair has revisited the previous low at level 127.37. Since August 2021, the pair has been trading above the level 127.00 price level. The bears have not been able to break the current support. Similarly, the bulls have […]","datePublished":"2022-03-04","dateModified":"2022-03-04","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/03\/EURJPYDaily-Chart.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/03\/EURJPYDaily-Chart.png","height":539,"width":1052},"url":"https:\/\/forexschoolonline.com\/eur-jpy-reaches-an-oversold-region-as-it-consolidates-above-level-127-29\/","about":["EUR\/JPY","FX Technical Analysis","Price Action Charts in Focus"],"wordCount":283,"keywords":["EUR\/JPY","Price Analysis"],"articleBody":"EUR\/JPY Long-Term Analysis: BearishEUR\/JPY pair is in a downtrend as it consolidates above Level 127.29. The currency pair has revisited the previous low at level 127.37. Since August 2021, the pair has been trading above the level 127.00 price level. The bears have not been able to break the current support. Similarly, the bulls have not been able to breach the resistance at level 133.00. EUR\/JPY has been in a range-bound move because of the sideways trend. The currency pair has reached the oversold region of the market. Buyers are likely to push the pair upward.EUR\/JPY Indicator Analysis The pair has fallen to level 37 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and below the centerline 50. It is also approaching the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways trend. EUR\/JPY is below the 30% range of the daily stochastic. The currency pair is in a bearish momentum.EUR\/JPY – Daily ChartTechnical indicators: Major Resistance Levels \u2013 133.00, 134.000, 135.000Major Support Levels \u2013 128.000, 127.000, 126.000What Is the Next Direction for EUR\/JPY?EUR\/JPY has been in a downward move as it consolidates above Level 127.29. The currency pair has reached bearish exhaustion. Meanwhile, on February 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that EUR\/JPY will fall to level 1.618 Fibonacci extension or level 128.24. From the price action, EUR\/JPY has fallen beyond the 1.618 Fibonacci extension or 127.69.EUR\/JPY \u2013 4 Hour ChartNote: Forexschoolonline.com 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"}