A growth continuation is possible.

On the 4-hour chart, the price broke out the 23.6% Fibonacci correction for the short-term trend (137.94) and is heading towards weekly highs at 138.83. A small downward correction, however, towards 138.20 (the 38.2% arc) cannot be dismissed. On the daily chart, the price bounced off the 23.6% correction for the medium-term trend (127.33), which also suggests a possibility of the growth towards 140.55.

Trading tips

Open long positions from the current levels with targets at 138.83, 139.80, 140.55 and stop-loss at 138.00.

Alternative scenario

Short positions can be opened after the price consolidation below the level of 137.94 with the target at 137.38 and stop-loss at 138.30. 

EUR/JPY: Fibonacci analysis

EUR/JPY: Fibonacci analysis

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