EUR/JPY Technical Analysis
EUR/JPY fell 0.67% yesterday, the biggest single-day decline since March 22.
With the shape slide, the pair has close to 125.60, which is the 38.2% Fibonacci retracement of the rally from 123.65 to 126.81.
The 38.2% and 61.8% Fib retracements are widely considered as strong technical levels by traders.
A break below 125.60, therefore, could invite selling pressure, leading to a deeper drop to 124.78 (April 10 low).
Short below 125.60 with target 124.78 & 123.65 in extension
Long above 126.20 with target 126.80
Gold Price Forecast: Eyes 8-month rising trendline after weakest weekly close since December
The yellow metal has ended this week at $1,275, the lowest weekly close since December, representing a 1.16 percent drop. Prices hit a low of $1,271 earlier this week.
The slide to eight-month rising trendline support, however, could be preceded by a minor bounce, as the RSI on both the 4-hour and hourly charts has diverged in favor of the bulls.
Prices, therefore, could revisit the former support-turned-resistance zone of $1,280-$1,285, before sliding to $1,260 as called by the weekly chart.
Short below 1280 with target 1261 in extension
Long above 1280 with target 1285
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