EUR/JPY technical analysis: Clings to 23.6% Fibo, 117.70/72 be the key upside barrier

• EUR/JPY seesaws near 23.6% Fibonacci retracement of its declines since August 13.
• 100-HMA, 38.2% Fibonacci retracement becomes the key resistance confluence.

Despite repeated bounces surrounding 23.6% Fibonacci retracement, EUR/JPY remains under pressure as it trades near 117.24 amid initial Asian session on Wednesday.

The quote remains well below 117.70/72 resistance-confluence, including 100-hour simple moving average (HMA) and 38.2% Fibonacci retracement of pair’s south-run since August 13.

As a result, sellers can target 117.00 and 116.80 on the break of recent lows close to 117.20.

Alternatively, pair’s sustained trading below 117.72 will trigger fresh run-up to weekly high surrounding 118.20 ahead of witnessing multiple resistances near 118.30.

EUR/JPY hourly chart

Trend: Bearish