EUR/JPY remains on a back foot below 4H 100MA but 23.6% Fibonacci retracement limits immediate downside. The lower high formation, comparative JPY strength favor the quote’s decline. Although 4H 100MA continues to tame the EUR/JPY pair’s post European Central Bank (ECB) decision rally, the quote remains supported by 23.6% Fibonacci retracement of June-end to July downpour as it takes the rounds to 120.94 during the initial Asian session on Monday. However, comparative fundamental strength of the Japanese Yen (JPY), coupled with lower high formation since the month-start, favor the odds of further downside once the 120.83 immediate support breaks. In doing so, July 24 high around 120.58 and July 25 low close to 120.00 could become strong supports ahead of the yearly low surrounding 118.85. On the flipside, pair’s successful break of 100-bar moving average (4H 100MA) at 121.35 caps near-term advances, a break of which can recall 50% Fibonacci retracement level of 121.70 and 122.00 round-figure on the chart. EUR/JPY 4-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 Forex today: Traders concentrated on the U.S. GDP beat ahead of the Fed, (Dollar climbed 0.2%) FX Street 4 years EUR/JPY remains on a back foot below 4H 100MA but 23.6% Fibonacci retracement limits immediate downside. The lower high formation, comparative JPY strength favor the quote's decline. Although 4H 100MA continues to tame the EUR/JPY pair's post European Central Bank (ECB) decision rally, the quote remains supported by 23.6% Fibonacci retracement of June-end to July downpour as it takes the rounds to 120.94 during the initial Asian session on Monday. However, comparative fundamental strength of the Japanese Yen (JPY), coupled with lower high formation since the month-start, favor the odds of further downside once the 120.83 immediate support breaks. In… 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.
