HomeContributorsTechnical AnalysisEUR/JPY Tests 38.20% Fibo Level

EUR/JPY Tests 38.20% Fibo Level

The single European currency has continued to decline in a descending channel pattern against the Japanese Yen. The currency pair declined by 62 basis points on Tuesday.

Everything being equal, the EUR/JPY exchange rate will likely continue to trade in the descending channel pattern. Bearish traders could break the 38.20% Fibonacci retracement level at 121.77 today.

However, technical indicators flash buy signals on the daily time-frame chart. Therefore, a potential upside reversal could occur from the 38.20% Fibo within the following trading session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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