TechnoMeter

After a topside breakout, EUR/JPY traded up to another new high at 134.41. This is a key Fibonacci level, as 134.41 is the 61.8% retracement of the 2014-2016 major move in the pair, and this is helping to set near-term resistance.



That resistance came into play on Friday morning, and after grinding around this level for a few hours, sellers took over and drove prices lower. And that retracement continued with aggression until another support zone came into play. At 132.05 we have the 50% retracement of the 2008-2012 major move, and at 131.70 we have the prior swing-high point of resistance. Prices found support here yesterday morning, and since then we’ve seen a bullish response as prices have trickled higher.

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