EUR/JPY Attempts to Defend September Opening Range
EUR/JPY appears to be defending the opening range for September as it holds above the 50-Day SMA (157.10).
EUR/JPY Rate Outlook
EUR/JPY consolidates after taking out the September 2008 high (159.61), but the exchange rate may continue to retrace the decline from the yearly high (159.77) as it carves a series of higher highs and lows.
A move above 158.80 (61.8% Fibonacci extension) brings the yearly high (159.77) on the radar, with the next area of interest coming in around 160.40 (100% Fibonacci extension) to 160.80 (78.6% Fibonacci extension).
However, EUR/JPY may continue to consolidate as the moving average no longer reflects a positive slope, with a breach below the monthly low (157.06) raising the scope for a move towards the 156.00 (38.2% Fibonacci extension) handle.
EUR/JPY Rate Outlook
EUR/JPY consolidates after taking out the September 2008 high (159.61), but the exchange rate may continue to retrace the decline from the yearly high (159.77) as it carves a series of higher highs and lows.
A move above 158.80 (61.8% Fibonacci extension) brings the yearly high (159.77) on the radar, with the next area of interest coming in around 160.40 (100% Fibonacci extension) to 160.80 (78.6% Fibonacci extension).
However, EUR/JPY may continue to consolidate as the moving average no longer reflects a positive slope, with a breach below the monthly low (157.06) raising the scope for a move towards the 156.00 (38.2% Fibonacci extension) handle.
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