FXWIREPRO: EUR/JPY Downside Pauses at 61.8% Fib, Momentum Still With the Bears

FXWIREPRO: EUR/JPY Downside Pauses at 61.8% Fib, Momentum Still With the Bears

7 April 2016, 07:05
Roberto Jacobs
0
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FXWIREPRO: EUR/JPY Downside Pauses at 61.8% Fib, Momentum Still With the Bears

  • EUR/JPY is retreating from last week’s tops just above 128.00, and downside for now is taking a breather at 61.8% Fib at 124.41. 
  • After breaching strong trendline support at 125.26, the pair saw downside test 124.37 before edging higher to trade at 124.50 levels. 
  • Momentum studies continue to show further downside, breaks below 24.25 (Mar 7th lows) will accentuate downside. Scope then for test of 78.6% Fib at 123.37. 
  • Our previous call for the pair (http://www.econotimes.com/FxWirePro-EUR-JPY-breaks-strong-trendline-support-at-12526-good-to-sell-rallies-190272) has achieved all targets.

Recommendation: Book partial profits, lower stops to 125, target 124.25/124/123.85 

The material has been provided by InstaForex Company - www.instaforex.com



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