OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY Price Analysis: Bulls close in on both Wednesday and Tuesday session's POC, 61.8% Fibos eyed, 120.21/ 121.20

  • Hourly divergence in the Rate of Change signalled on the 4th March lows.
  • Bulls close in on both Wednesday and Tuesday session's POC. 
  • Bulls propelled from support overnight from 27th Feb's POC. 
  • EUR/JPY has completed a 61.8% Fibonacci retracement of Wednesday's range.
  • Bulls look to a 61.8% Fib target of the 2nd March highs at 120.21, 121.20 eyed on the top side. 

EUR/JPY has moved back to both Wednesday and Tuesday session's POC, finding support overnight from 27th Feb's POC. EUR/JPY has completed a 61.8% Fibonacci retracement of Wednesday's range and is 2 pips shy of a 78.6% retracement of the same range. There was an hourly divergence in the Rate of Change signalled on the 4th March lows leading to an upside correction. Considering the break of the hourly trendline resistance, an additional push at this juncture will take the price to a 50% Fib retracement ahead of a run back to the 25th and 26th Feb POC's confluence with a 61.8% Fib target at 120.21 of the 2nd March highs. On a wide outlook, the picture is bullish above and bearish below the structures drawn-out in the bottom chart. 121.20 eyed on the top side. 

Divergence in momentum and rate of change

Testing daily structure, with room to the trendline

4-HR chart, bulls meet 50% retracement, target 61.8% Fibo target

Daily chart bullish above bearish below structures

 

 

 

 

 

 

 

 

 

 

 

AUD/USD: Above-forecast Aussie trade surplus struggles to power gains in the Aussie

AUD/USD is flashing red at press time as the Aussie dollar is struggling to find takers despite the above-forecast Australian trade surplus data. Aust
Read more Previous

Ships warehouse more oil and gas as demand falters - WSJ

The number of ships acting as floating storage vats for oil and liquefied natural gas is increasing as the coronavirus has reduced global appetite for
Read more Next
Start livechat