A growth is likely to continue to 137.60.

On the 4-hour chart, the price broke out the level of 136.45 (61.8% correction) and may further grow to 137.60 and 138.20 (a crossover with the 100.0% arc). If the price turns down and breaks down the level of 136.45, it would decline to 135.70 (50.0% correction) and 134.95 (38.2% correction). A similar picture is on the daily chart, where the price is testing the level of 136.65 (50.0% correction). In case of the breakout, a growth is possible to the resistance level of 137.60 (61.8% correction), where the price may turn down and decline within a correction along the 38.2% arc towards 135.74 (38.2% correction).

Trading tips

Buy the pair after the breakout of the level of 137.00 with targets at 137.60, 138.20 and stop-loss at 136.60.

Alternative scenario

Sell the pair after the breakdown of the level of 136.45 with targets at 135.70, 134.95 and stop-loss at 136.80.

EUR/JPY: Fibonacci analysis

EUR/JPY: Fibonacci analysis




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