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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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