EURJPY: Crucial Point

EURJPY, Daily

In the Daily timeframe, EURJPY, in a long-term bullish trend, has formed an ascending channel. The price has reached the critical 161.8 Fibonacci level. Despite the bullish sentiment, the %R shows an overbought solid trend.

• If the price overcomes the resistance of 171.000, the upside will be to the target of 175.500;

• However, in case of a correction below 169.500 and a trendline breakdown, EURJPY could fall to 164.000;