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- EUR/JPY Price Analysis: Drops below 143.00 on breaking weekly symmetrical triangle
EUR/JPY Price Analysis: Drops below 143.00 on breaking weekly symmetrical triangle
- EUR/JPY takes offers while breaking weekly triangle, retreats from 200-HMA.
- Downbeat RSI, bearish MACD signals also keep sellers hopeful.
- Bears approach 142.30, bulls could aim for 61.8% FE past 143.70.
EUR/JPY takes offers to refresh intraday low around 142.62 as European traders braces for the Fed’s verdict on Wednesday.
In doing so, the cross-currency pair retreats from the 200-HMA while breaking a one-week-old symmetrical triangle to the downside.
Given the recently weaker RSI (14), not oversold, as well as the looming bull cross of the MACD, the EUR/JPY is likely to aim for the latest swing low near 142.30
Following that, the 61.8% Fibonacci retracement of September 05-12 upside, near 141.35, may offer an intermediate halt during the south run targeting the 140.00 psychological magnet.
Alternatively, buyers need to cross the immediate HMA hurdle surrounding 143.60, which in turn will allow the quote to aim for the stated triangle’s resistance line, near 143.70.
In a case where the quote remains firmer past 143.70, the latest peak surrounding 145.65 could lure the bulls ahead of directing them to the 61.8% Fibonacci Expansion (FE) of September 05-14 moves, close to 146.65.
EUR/JPY: Hourly chart
Trend: Further upside expected
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