EUR/JPY at Fibonacci

EUR/JPY made a new low last week going to 115.44 and then immediately recovering to make a high of 119.11 The low was last visited in December 2012 and that final low was the exact 61.80% or in other words the Golden Fibonacci ratio. 

On the other hand, price is below the 200SMA meaning it is still in a downside. Although it might look like a good opportunity to go long, it would be best to wait and see how price behaves as there is a possibility to retrace back to 115 and below.

Chart: EUR/JPY W1