EUR/JPY Bounces Back from Weekly Low
EUR/JPY may attempt to retrace the decline from the monthly high (151.62) as it bounces back from the weekly low (148.84).
EUR/JPY Rate Outlook
EUR/JPY appears to be on track to test the weekly high (150.06) as it climbs back above 149.60 (100% Fibonacci extension), and the exchange rate may track the positive slope in the 50-Day SMA (145.25) as it holds above the moving average.
A break above the weekly high (150.06) may generate another run at the March 2008 low (151.69), but EUR/JPY may track the monthly range if it struggles to defend the weekly low (148.84).
A break/close below 148.30 (23.6% Fibonacci retracement) may push EUR/JPY towards the 146.20 (38.2% Fibonacci retracement) to 147.00 (78.6% Fibonacci retracement), which largely aligns with the monthly low (146.13).
EUR/JPY Rate Outlook
EUR/JPY appears to be on track to test the weekly high (150.06) as it climbs back above 149.60 (100% Fibonacci extension), and the exchange rate may track the positive slope in the 50-Day SMA (145.25) as it holds above the moving average.
A break above the weekly high (150.06) may generate another run at the March 2008 low (151.69), but EUR/JPY may track the monthly range if it struggles to defend the weekly low (148.84).
A break/close below 148.30 (23.6% Fibonacci retracement) may push EUR/JPY towards the 146.20 (38.2% Fibonacci retracement) to 147.00 (78.6% Fibonacci retracement), which largely aligns with the monthly low (146.13).
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