US Session Trade Setup - EUR/JPY Fibonacci Retracement In Play

EagleFX Team EagleFX

The EUR/JPY has reversed its losses in the wake of weakness in the Japanese yen and stronger Euro. The pair is trading at 119.500, and it seems to complete the 61.8% Fibonacci retracement until 119.600.

The single currency Euro is gaining strength versus Japanese yen despite worse than expected economic events. The German ZEW Current Situation Index declined to -15.7 in February (-10.0 expected) from -9.5 in January. The research institute said economic development is rather fragile at the moment, and the outlook for export-intensive sectors has deteriorated particularly sharply, citing impacts of the coronavirus outbreak.

Support	Pivot Point	Resistance
119.46	119.88	120.
119.19		120.57
118.5		121.26

The EUR/JPY has formed candle around 119.200, staying in overbought range as we can see the RSI value is staying over 80, implying the chances of a bearish retracement as well. If this case, the EUR/JPY may show a slight bearish reversal below 61.8% Fibo retracement level at 119.600. Today, I will be looking to stay bearish below 119.650 and bullish above 118.900.

EUR/JPY - Trade Plan

Buy Above 119.450

Take Profit 119.750

Stop Loss 119.250

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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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