Failure to break 4H 200MA, 50% Fibonacci retracement pulls the EUR/JPY pair downwards. A five-week-old descending trend-line adds to the resistance. RSI reversing from overbought conditions. Having failed to cross near-term key resistances, EUR/JPY drops to 117.85 during Monday morning in Asia. With the 14-bar relative strength index (RSI) declining further from overbought conditions, prices are likely stepping down to 100-bar simple moving average on the four-hour chart (4H 100MA), at 117.54 now. However, 23.6% Fibonacci retracement of a July-September downpour near 117.15 and August 25 bottom surrounding 116.60 could restrict the pair’s further declines. On the upside, 118.30 can act as an immediate resistance ahead of 200-bar moving average (4H 200MA) level of 118.45 and 118.62/65 confluence area including a five-week-old falling trend-line and 50% Fibonacci retracement. In a case where prices rally beyond 118.65, 61.8% Fibonacci retracement level of 119.28 and August 13 top close to 119.60 could be on buyers’ radar. EUR/JPY 4-hour chart Trend: pullback expected 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 GBP/JPY: On the bids to 131.30 after Japanese GDP data FX Street 4 years Failure to break 4H 200MA, 50% Fibonacci retracement pulls the EUR/JPY pair downwards. A five-week-old descending trend-line adds to the resistance. RSI reversing from overbought conditions. Having failed to cross near-term key resistances, EUR/JPY drops to 117.85 during Monday morning in Asia. With the 14-bar relative strength index (RSI) declining further from overbought conditions, prices are likely stepping down to 100-bar simple moving average on the four-hour chart (4H 100MA), at 117.54 now. However, 23.6% Fibonacci retracement of a July-September downpour near 117.15 and August 25 bottom surrounding 116.60 could restrict the pair's further declines. On the upside, 118.30 can… 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.
