The EUR/JPY is closing in on the 76.4% Fibo

The EUR/JPY has been trading in a 200 pip range between the 136.00 level as support and the 138.00 level as resistance. The last time the price tested the 136.00 level, it bounced from that zone to the upside and so far it has retraced more than 61.8%. The next Fibonacci Retracement level to watch is the 76.4%, because this Fibo level is usually a good support or resistance area. Therefore, a possible visit to the 76.4% Fibo could cause the pair to stall there or even bounce to the downside again. But a continuation all the way to the 138.00 level is not completely ruled out.