EUR/JPY Attempts to Defend September Opening Range
EUR/JPY appears to be defending the opening range for September as it holds above the 50-Day SMA (157.10).
EUR/JPY Rate Outlook
EUR/JPY consolidates after taking out the September 2008 high (159.61), but the exchange rate may continue to retrace the decline from the yearly high (159.77) as it carves a series of higher highs and lows.
A move above 158.80 (61.8% Fibonacci extension) brings the yearly high (159.77) on the radar, with the next area of interest coming in around 160.40 (100% Fibonacci extension) to 160.80 (78.6% Fibonacci extension).
However, EUR/JPY may continue to consolidate as the moving average no longer reflects a positive slope, with a breach below the monthly low (157.06) raising the scope for a move towards the 156.00 (38.2% Fibonacci extension) handle.
EUR/JPY Rate Outlook
EUR/JPY consolidates after taking out the September 2008 high (159.61), but the exchange rate may continue to retrace the decline from the yearly high (159.77) as it carves a series of higher highs and lows.
A move above 158.80 (61.8% Fibonacci extension) brings the yearly high (159.77) on the radar, with the next area of interest coming in around 160.40 (100% Fibonacci extension) to 160.80 (78.6% Fibonacci extension).
However, EUR/JPY may continue to consolidate as the moving average no longer reflects a positive slope, with a breach below the monthly low (157.06) raising the scope for a move towards the 156.00 (38.2% Fibonacci extension) handle.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.