EURJPY – Weekly Target Fibonacci 138.2 Reached, Eyes on 161.8
Bullish impulse extends from weekly into daily; H4 minor trend holds structural control
Market Overview
EURJPY has completed a clean bullish expansion through the 138.2% weekly target Fibonacci at 169.300, following a multi-timeframe impulse structure. The move confirms alignment across weekly and daily charts, with the current H4 structure serving as the tactical control zone. Price action is approaching decision levels that will determine whether continuation toward the 161.8% target Fibonacci unfolds or whether a short-term correction resumes.
Weekly Structure
The weekly chart confirms a strong bullish continuation after the breakout above 163.848 and 166.626, with no significant resistance until upper Fibonacci levels. The push into the 169.300 zone marks completion of the first key extension move. Structure remains in clear expansion mode, and price is now trading above prior highs, signaling a confirmed macro continuation phase.
Daily Chart
Daily structure shows impulsive continuation following the breakout above the daily pivot zone between 166.630 and 167.384. Price has respected the higher low sequence and closed above previous resistance, confirming the continuation pattern. The next potential upside magnet is the weekly 161.8% target Fibonacci, located just below 172.000.
Key daily levels:
Pivot Zone (support): 166.630–167.384
Current structure high: 169.226 (also Fibonacci 138.2)
H4 Timeframe
H4 structure remains in a minor uptrend despite the recent correction. A valid countertrend line (marked in red) is still intact, offering structural support above the H4 breakout at 168.433.
If price breaks below this red trigger level and closes under 168.433, it would signal a short-term breakdown, targeting the H4 and daily pivot zones below (167.548–167.384).
Conversely, a significant H4 close above 169.226 would validate the continuation scenario toward the weekly 161.8% Fibonacci.
This timeframe is tactically decisive: it will determine whether the market enters a deeper pullback phase or resumes toward the next weekly extension.
Key Levels
Long Trigger: H4 close above 169.226
Short Trigger: H4 break and close below 168.433
Target Zones
Weekly Target Fibonacci 161.8%: ~171.800–172.000
Daily Re-test Zone: 167.548–167.384 (pivot zone support)
Validity
The current minor long structure remains valid as long as the market holds above 168.433 (H4 pivot and daily breakout retest).
Conclusion
EURJPY remains in macro bullish continuation, having reached the weekly 138.2% target. The H4 structure now holds the tactical key. If the minor uptrend persists and price closes above 169.226, the weekly 161.8% target comes into view. A breakdown below 168.433 would suggest a corrective leg toward the 167.548–167.384 zone.
Actionable Insight
Watch for a decisive H4 close above 169.226 to signal continuation. Breakdown below 168.433 opens room for a retrace into the daily pivot zone—potential re-entry for bulls if structure holds.
How are you interpreting the EURJPY? Share your view in the comments—let’s compare frameworks.