EUR/ JPY – 115 Holding as resistance.

The EUR/ JPY has re-traced back to the 200% Fibonacci projection level and has hit the first bull target from June.

Should this level break as resistance, then we could expect a further target to be the 161.8 % projection level @ 119.70; a key support level from February this year. If this level also break then we could expect sellers to also come in at 122.44.

As re-tracement down will likely end up at 108.11 where buying power has come in before, however, if the price breaks lower than this level and actually re-tests 108.11 as resistance, then we could see a fall back to 2001 levels of the EUR/ JPY.

There is a support level @ 99.91 which could see sellers take off positions and enough buying to come in to stall the fall, however should the price go lower, then the ultimate target would be at 89.36 where the 423.6% Fibonacci projection levels are as well as the decade low.

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