Binary EUR/JPY options’ positive correction has reached key resistance level at 101.65, which is 38.2% Fibonacci retracement of the 111.42-95.61 drop. The upside movement could potentially continue towards 103.50, which is 50.0% fibo of the mentioned movement and coincides with the 200-day SMA. If the pair extends further 105.38 is considered as a turning point in the overall picture.
However EUR/JPY is still in negative trend and the recent run up is still just a correction. In the coming days to few weeks, binary investors should look for strong resistance and downside reverse with first support seen around 99.00. Break below this level will move the target lower on the multi-year low at 95.61. Meanwhile range trading between 99.00 and 101.50 is not excluded for the next couple of days.
Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.
