EUR/JPY Price Analysis: Bulls taking on the bearish commitments at key resistance

  • EUR/JPY bulls pressing against compelling supply stricture. 
  • A 61.8% Fibo will be a big test ahead of prior daily support. 

EUR/JPY bulls are taking charge and have moved on a prior area of the daily structure in late April and early May business. 

The following illustrates the anticipated trajectory of a break or failure in this zone. 

EUR/JPY daily chart

The 61.8% Fibonacci retracement level falls in at 132.20 and has a confluence with the aforementioned structure.

A break here opens risk to the prior support at 132.65 and a break of that would be expected to lead to an onward continuation of the recovery. 

On failures at the April/May structure or on a break of the mid-June lows beyond the 61.8% Fibo, then the downside will be back in focus. 

Articles You May Like

OIl now flat on the day. US says it hopes OPEC+ will ‘move to Step 2’ on supply boost
OPEC+ oil boost likely not much help to high gasoline prices
USD/MXN Price Analysis: A consolidation above 20.20 opens door to 20.45
You have two options
Walgreens profits squeezed as Covid vaccines wane, company invests in health-care business