EUR/JPY Fibonacci Retracement in Play - Quick Trade Plan!

EagleFX Team EagleFX

The EUR/JPY is binding lower during the early U.S. Session as soft demand for stock market indices is serving to push up the Japanese Yen’s demand as safe-haven security. Bearish bias soared as risks of a no-deal Brexit ramped up repeatedly overnight.

Brexit risks glowed amid news on Tuesday that U.K. Prime Minister Boris Johnson will modify the Brexit bill, explicitly ordering out any delay to the transition phase over December 2020. The U.K. is expected to leave the European Union by January 31.

Technically, the EUR/JPY is heading south, after facing stiff resistance around 122.600 level. The EUR/JPY is now very likely to complete 38.2% Fibonacci retracement around 121.600.

Support	Pivot Point	Resistance
121.9	122.18	122.43
121.65		122.71
121.11		123.24

The 50 periods EMA also holds around 121.200, which leaves enough space for the EUR/JPY to retrace enough. Consider doing choppy trading within 122.600 and 121.600 today until the breakout occurs.

EUR/JPY - Trade Setup

Sell Below - 122.450

Take Profit - 121.600

Stop Loss - 122.750

Buy Above - 121.600

Take Profit - 122.200

Stop Loss - 121.350

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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