25 Apr 2016
EUR/JPY hovering around 125.00 mark
Following its big up-surge on Friday, the EUR/JPY pair traded with some weakness during the Asian session and is currently trading above 125.00 psychological mark, off day's through.
Last week, the pair witnessed a sharp recovery from 121.71 to all the way till 125.50 level, inching closer to 61.8% Fibonacci retracement level of 128.16 (April high) to 121.71 (April low) downfall.
Technical levels to watch
From current levels, 50% Fibonacci retracement level near 124.90 seems to provide immediate support. Failure to hold this has the potential to drag the pair all the way back towards 38.2% Fibonacci retracement level support near 124.00 round figure mark.
Meanwhile on the upside, Friday's high of 125.50, closely followed by 61.8% Fibonacci retracement level near 125.65 region, might continue to act as immediate resistance levels. A clear break-through these resistance levels should assist the pair to add on to its previous week's gains and surpass 126.00 round figure mark to test its next major resistance near 126.85 horizontal area.
Last week, the pair witnessed a sharp recovery from 121.71 to all the way till 125.50 level, inching closer to 61.8% Fibonacci retracement level of 128.16 (April high) to 121.71 (April low) downfall.
Technical levels to watch
From current levels, 50% Fibonacci retracement level near 124.90 seems to provide immediate support. Failure to hold this has the potential to drag the pair all the way back towards 38.2% Fibonacci retracement level support near 124.00 round figure mark.
Meanwhile on the upside, Friday's high of 125.50, closely followed by 61.8% Fibonacci retracement level near 125.65 region, might continue to act as immediate resistance levels. A clear break-through these resistance levels should assist the pair to add on to its previous week's gains and surpass 126.00 round figure mark to test its next major resistance near 126.85 horizontal area.