FX.co ★ Technical analysis of EUR/JPY for September 20, 2016

EUR/JPY found support at 38.2% Fibs ( 113.70) applied to the channel breakout point. At the same time, MACD formed a bullish divergence in 1H time frame.

The pair broke the 50-Moving Average and the downtrend trend line. Overall it looks like EUR/JPY might reverse or correct up from the current price - 114.00.

Consider buying EUR/JPY while it is near 114.00, targeting either 61.8% (114.60) or 76.4% Fibs (115.15). However if price fails to break above 50% Fibs (114.13) there is potential for a range trading. The suggested stop loss is 113.50.

Support: 113.70

Resistance: 114.10, 114.60, 115.15