EUR/JPY looking to consolidate above 132.00

EUR/JPY looking to consolidate above 132.00

EUR/JPY has been immersed in a corrective move since August 30th, looking forward to test a demand zone between the 50% and 61.8% at 129.61 and 128.99 respectively, according to our Fibonacci outlook. At H1 chart, we can note that a bearish crossover of moving averages is happening and it could strengthen the bearish bias in the pair.

If it manages to rebound above the demand zone, it can be targeting the -23.6% Fibonacci retracement level at 132.66, which should be our for objective in a first degree. RSI indicator is at oversold territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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