EUR/JPY – Euro Might Correct Lower Vs Japanese Yen Key Highlights
· The Euro surged higher this week and traded as high as 134.17 against the Japanese Yen.
· There is an important ascending channel forming with support at 133.65 on the 4-hours chart of EUR/JPY.
EURJPY Technical Analysis
The Euro made good ground this week and moved above the 134.00 level against the Japanese Yen. The EUR/JPY pair traded as high as 134.17 and is currently correcting lower.
The current uptrend is supported by an important ascending channel with support at 133.65 on the 4-hours chart. Below the channel support at 133.65, the 23.6% Fib retracement level of the last wave from the 130.60 low to 134.17 high is a crucial support at 133.33.
If the pair breaks the channel support, it could test the 133.30 support area. Should there be a break below 133.30, the pair could test the 50% Fib retracement level of the last wave from the 130.60 low to 134.17 high at 132.40.
