EUR/JPY trades modestly changed below near-term key resistance confluence. Late-January tops limit immediate declines, 61.8% Fibonacci retracement adds to the resistance. MACD turns bearish for the first time in eight days. EUR/JPY seesaws around 120.70 during the mid-Asian session on Friday. The quote remains above 23.6% Fibonacci retracement of its January 16-30 fall. However, a confluence of 200-bar SMA and 50% Fibonacci offers strong resistance to the pair. In addition to the pair’s two-week-old trading beneath the key upside barrier, the MACD histogram is also favoring the bears for the first time since January 28. With this, sellers can look for entry below 120.40, comprising January 28 top, to aim for 120.00 and the yearly bottom surrounding 119.75/80. On the contrary, pair’s run-up beyond 121.30/35 resistance confluence will have to cross 61.8% Fibonacci retracement level of 121.70 before targeting 122.00. Should there be a further upside beyond 122.00, 122.20/25 can offer an intermediate halt to the pair’s run-up towards the previous month high near 122.90. EUR/JPY four-hour chart Trend: Sideways FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s Pres. Xi: China has taken comprehensive measures for coronavirus outbreak FX Street 2 years EUR/JPY trades modestly changed below near-term key resistance confluence. Late-January tops limit immediate declines, 61.8% Fibonacci retracement adds to the resistance. MACD turns bearish for the first time in eight days. EUR/JPY seesaws around 120.70 during the mid-Asian session on Friday. The quote remains above 23.6% Fibonacci retracement of its January 16-30 fall. However, a confluence of 200-bar SMA and 50% Fibonacci offers strong resistance to the pair. In addition to the pair’s two-week-old trading beneath the key upside barrier, the MACD histogram is also favoring the bears for the first time since January 28. With this, sellers can look… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
