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EUR/JPY: Fibonacci analysis on 18.08.2015

A downward correction may continue

On the 4-hour chart, the price reached 137.38 where the correction level and 38.2% arc for the short-term trend cross each other. This level is seen as the key one as both the short-term and medium-term 23.6% corrections stand here. The breakdown of 137.38 would allow the price to fell to 136.94 and 136.49. If the price fails to break down this level, it may resume its growth along 38.2% arc towards 137.94 and 138.83.

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