EUR/JPY Price Analysis: Bears again aim for 61.8% Fibonacci retracement


  • EUR/JPY fades pullback from an intraday low of 124.52.
  • Bearish MACD, failures to keep bounces off the key Fibonacci retracement favor sellers.
  • 200-bar EMA, monthly falling trend line challenge buyers.

EUR/JPY prints 0.15% intraday losses while easing to 124.73 ahead of Wednesday’s European session.

Given the pair’s another downside break of 200-bar EMA, sellers are currently targeting a 61.8% Fibonacci retracement of the run-up from July 24 to September 01, around 124.45. Also acting as an additional filter to the EUR/JPY south-run is July 30 top around 124.30.

Should the quote manages to drop beneath 124.30, bears can aim for 123.90 and the 123.00 threshold.

Alternatively, a sustained break of 200- bar EMA, currently around 125.10, will direct buyers towards a falling trend line from September 01, at 126.13 now.

If at all the EUR/JPY bulls manage to cross the stated resistance line, the resultant upward trajectory can aim for 126.50 and the monthly top of 127.07.

EUR/JPY four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 124.72
Today Daily Change -0.20
Today Daily Change % -0.16%
Today daily open 124.92
 
Trends
Daily SMA20 125.55
Daily SMA50 124.52
Daily SMA100 121.86
Daily SMA200 120.84
 
Levels
Previous Daily High 125.77
Previous Daily Low 124.76
Previous Weekly High 126.46
Previous Weekly Low 124.43
Previous Monthly High 126.85
Previous Monthly Low 123.99
Daily Fibonacci 38.2% 125.14
Daily Fibonacci 61.8% 125.38
Daily Pivot Point S1 124.53
Daily Pivot Point S2 124.14
Daily Pivot Point S3 123.51
Daily Pivot Point R1 125.54
Daily Pivot Point R2 126.16
Daily Pivot Point R3 126.55

 

 

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