Upward movement might continue.

On the 4-hour chart, the pair is trading in the area of 132.08 (particularly strong Fibonacci level as the 23.6% levels for the short-term and the medium-term trends have concentrated there). Moreover, the price is in the area of the crossover of 132.08 with the 50.0% arc. In case of the breakdown of 132.08, a decline might continue along the arc to 131.40. Otherwise, the price might grow to 132.49 (38.2% correction), 132.83 (50.0% correction) and 133.15 (strong correction as the 61.8% level for the short-term trend and the 38.2% for the medium-term trend have concentrated in this area).

On the daily chart, the pair is trading in the area of 132.10 (23.6% correction). If this level is broken down, the price might decline along the 23.6% arc or along the 38.2% fan line to 130.00. If 132.10 is broken out, the price might reach the level of 133.39 (38.2% correction). However, the growth might stop in the area of 133.00, at the 50.0% fan line which is the first resistance.

Trading tips

Long positions can be opened above the level of 132.49 with targets at 132.83, 133.00, 133.40 and stop-loss at 132.25.

Alternative scenario

Short positions can be opened below the level of 132.08 with the target at 131.40 and stop-loss at 132.40.

EUR/JPY: Fibonacci analysis

EUR/JPY: Fibonacci analysis

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