FX.co ★ EUR/JPY

Hello, friends! Have a nice day everyone! Today, I will use the daily timeframe to analyze the EUR/JPY currency pair in order to determine targets and see where the price may retrace if a correction occurs. By using the Neo fork, it can be observed that the target of the impulse from January of this year is slightly above the level where the price has reached - it is just above 170.00, i.e. exactly the liquidity drain from the 2008 high. The price has not reached there yet, so I believe there will be a small upward push, and then possibly a retracement and reaction downwards. Due to the sharp impulse, the zones to which the price may return are still far below - the nearest being 165.70-165.90. A correction to such low levels is unlikely to happen immediately, so zones for a retracement will need to be sought on smaller timeframes until the price calms down a bit. Good luck to everyone!