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

Try Secure Leveraged Trading with EagleFX!

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

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold flirts with daily lows near $5,000

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.