EUR/JPY Price Analysis: Sellers aim for 78.6% Fibonacci retracement

• EUR/JPY remains pressured inside a short-term trading range.
• Downbeat RSI, sustained trading below 200-SMA keeps sellers hopeful.

EUR/JPY stays depressed around 128.70, down 0.23% intraday during early Monday. The cross-currency pair failed to surpass 61.8% Fibonacci retracement (Fibo.) of August-September advance before portraying the latest pullback.

However, the RSI conditions don’t allow the pair sellers to keep controls past 78.6% Fibo. near 128.50.

Following that, the double bottom near 127.90 will be a tough challenge for the EUR/JPY bears.

Alternatively, a clear upside break of 61.8% Fibo. level of 129.00 will need validation from 200-SMA level of 129.50 to direct the EUR/JPY bulls towards the 130.00 psychological magnet.

During the quote’s run-up past 130.00, a late September high near 130.50 should precede the last month’s peak of 130.74 to entertain the traders.

EUR/JPY: Four-hour chart

Trend: Further weakness expected