The EURJPY is testing a key Fibonacci level.

The EURJPY is at multi week highs and testing the key 61.8% Fibonacci retracement. Just above is the downtrend line of the wedge we have been developing for the last 2+ months. If stocks continue to go higher, the risk of a move higher in the pair is high. However, the pair could easily re-visit the 124.00 level support in the coming week(s).

EURJPY Chart of the Day

Blake Morrow