EUR/JPY Price Analysis: Sellers aim for 78.6% Fibonacci retracement

EUR/JPY remains pressured inside a short-term trading range.
Downbeat RSI, sustained trading below 200-SMA keeps sellers hopeful.

Anil Panchal FXStreet

EUR/JPY stays depressed around 128.70, down 0.23% intraday during early Monday. The cross-currency pair failed to surpass 61.8% Fibonacci retracement (Fibo.) of August-September advance before portraying the latest pullback.

However, the RSI conditions don’t allow the pair sellers to keep controls past 78.6% Fibo. near 128.50.

Following that, the double bottom near 127.90 will be a tough challenge for the EUR/JPY bears.

Alternatively, a clear upside break of 61.8% Fibo. level of 129.00 will need validation from 200-SMA level of 129.50 to direct the EUR/JPY bulls towards the 130.00 psychological magnet.

During the quote’s run-up past 130.00, a late September high near 130.50 should precede the last month’s peak of 130.74 to entertain the traders.

EUR/JPY: Four-hour chart

Trend: Further weakness expected

Additional impotant levels

Overview
Today last price	128.72
Today Daily Change	-0.28
Today Daily Change %	-0.22%
Today daily open	129

Trends
Daily SMA20	129.48
Daily SMA50	129.5
Daily SMA100	130.75
Daily SMA200	129.74

Levels
Previous Daily High	129.05
Previous Daily Low	128.55
Previous Weekly High	130.48
Previous Weekly Low	128.55
Previous Monthly High	130.74
Previous Monthly Low	127.93
Daily Fibonacci 38.2%	128.86
Daily Fibonacci 61.8%	128.74
Daily Pivot Point S1	128.68
Daily Pivot Point S2	128.37
Daily Pivot Point S3	128.19
Daily Pivot Point R1	129.18
Daily Pivot Point R2	129.36
Daily Pivot Point R3	129.68

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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