EUR/JPY testing a key pivotal zone

EUR/JPY testing a key pivotal zone

EUR/JPY has been finding support around the key Fibonacci demand area of 50% and 61.8%, established between the levels of 129.73 and 129.53. Above that zone, the pair could gain momentum in order to look for bullish targets. If that happens, then we might expect a higher continuation towards -23.6% Fibonacci level at 131.00 approximately.

To the downside, the scenario mentioned above could get invalidated when then pair does a break below the Fibonacci retracement level of 65% at 129.47 and the focus should shift towards 129.23 in a first degree. RSI indicator remains in the neutral territory, calling for more sideways.

EURJPYH1.png

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