Long-term review
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Daily
EUR/JPY has built bearish candlestick formation Harami and made a swing in favor of the Japanese currency. But if the rate will go above the bearish formation, it will be possible not to take it into account. As the result, the quotes growth will head towards the correctional level of 38.2% - 100.71 Fibonacci. Fixation above this level will enable acceleration towards 50.0% - 102.76. Yet, the pair may reverse to the downside and rebound from the correctional level of 38.2%. In this case it is possible that the quotes drop to the level of 23.6% - 98.15 while bearish candlestick formation will intensify expectations of a rebound.
4h
On 4-h time frame it is obvious that the rate was trying to fix below the correctional level of 76.4% - 99.84 Fibonacci with the help of bearish candlestick formation. However, the next candlestick enabled Absorption formation which is of great importance now while the rate fixed above the correctional level 76.4%. As the result, the quotes growth may continue towards correctional level 100.0% - 101.61 Fibonacci. Another bearish candlestick formation will help to perform a short-term swing to the good of the yen and then go downside. In case bullish candlestick formation is built, the pair rate may grow again.
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