EUR/JPY targets fresh highs

EUR/JPY targets fresh highs

EUR/JPY has been consolidating losses below the 200 SMA at H1 chart and it looks like the pair could travel towards the 50% Fibonacci level at 130.76, at which it can find strong resistance in order to strengthen the bearish bias across the board. If that happens, the pair could be on its way to reach the -23.6% Fibonacci target at 128.67, while a breakout over the 65% Fibo zone could open the doors to test the highs from February 28th.

RSI indicator stays in the positive territory, calling for another leg higher in the short-term.

EURJPYH1.png

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The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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