Daily
After the bearish engulfing candlestick was built, the EUR/JPY pair swung to the yen and started falling. As a result drop may continue to the level of correction 100.0% - 111.43. Formation of bullish candlestick pattern gives the pair chance to turn in favour of the euro and continue growing towards the level of Fibonacci 161% - 122.11. Consolidation of the EUR/JPY pair above the level of correction 161.8% enables the pair to rise till the next level of correction 200.0% - 128.71. Rebound of the rate from the level of Fibonacci 161.8% increases the possibility of the pair to swing to the yen and start dropping.
4h
After formation of the bearish engulfing candlestick, the EUR/JPY pair has swung to the yen and consolidated under the level of correction 423.6% - 118.40 of Fibonacci. It enables the pair to continue falling towards the next level of Fibonacci 323.6% - 113.96. Building of a bullish candlestick pattern enables the pair to turn to the euro and a pullback to the level of Fibonacci 423.6%. Consolidation of the quotes under this level provides possibility for the pair to grow towards the level of correction 523.6% - 122.62. Rebound from the level of correction 323.6% enables the pair to swing to the euro and make an attempt to grow again.
