FXstreet.com (San Francisco) - After opening with a slight upside gap this Monday in Asia, EUR/JPY has fallen to as low as 101.02 and has stalled at support in an ascending trendline measured from the trough of July 24 to that of Aug 2.
At the time of writing, EUR/JPY trades at 101.25 vs. 101.53 at the close Friday. The range game persists for this pair in the medium-term, and the 100-day EMA (100.20) and the200-day EMA (101.65) continue to bracket price action.
Some immediate levels to bear in mind include 100.70 (38.2%, 111.41/94.10 decline), which offers support. Below there, bids may be tested at 100.40 (Sep 7 high). To the upside, a 50% Fibonacci level at 102.70 is the level to overcome. Above there, a test of offers at 103.80 (Sep 17 high) lies in store.
At the time of writing, EUR/JPY trades at 101.25 vs. 101.53 at the close Friday. The range game persists for this pair in the medium-term, and the 100-day EMA (100.20) and the200-day EMA (101.65) continue to bracket price action.
Some immediate levels to bear in mind include 100.70 (38.2%, 111.41/94.10 decline), which offers support. Below there, bids may be tested at 100.40 (Sep 7 high). To the upside, a 50% Fibonacci level at 102.70 is the level to overcome. Above there, a test of offers at 103.80 (Sep 17 high) lies in store.
