EUR/JPY Price Analysis: Bears look to weekly target, 127.50

EUR/JPY bears attacking weekly support but price stalls.
EUR/JPY bulls could step in and target a daily 38.25 Fibo correction, first.

Ross J Burland FXStreet

EUR/JPY is on the verge of a downside breakout, but there are implications as the price meets long-term support. The following illustrates the weekly & daily time frames as well as structure.

EUR/JPY weekly chart

The bears are attacking long-term support at this juncture and the weekly bearish close this week will leave the pair vulnerable to further selling pressure next week. The target on the downside would be Jan 4 weekly highs as being 127.50.

EUR/JPY daily chart

Meanwhile, as for the daily chart, there is room for a meanwhile correction and bulls could be looking to the 38.2% Fibonacci ratio first.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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