Looking at the chart you can see the MTAutoFib indicator which is available from the chart > Indicators > Market Place Add Ons. This is looking back 365 Periods and so on a weekly chart it is picking up the 2008 high and the 2012 low of the time window from 2008 to 2014. It provides a simply to see set of fib levels - which will work on any instrument and timezone.
So we can say currently we are between 50 and 61% retracement of the 2008 high to 2012 low market structure.
with current support towards the 61% zone at an historical level. So we are still gaining ground against the 2008 collapse... but maybe this is the new fair value...
From the bottom of the financial meltdown in 2012 the EuroJPY has regained 61.8% of its losses against the JPY in 2013 and as we entered 2014 it has chopped sideways above and below that region - at levels last traded at 2009 to 2010. The top of that zone is now acting as support from the 138 zone. Major support might be seen as 136 from here it we break.. 137.50 convincingly after that 132. a fibonanacci 50% retracement level from 2008 to 2012... seen in blue on the right margin.
Notice the black line in the middle area of the chart i would say it's almost a 50/50 call to say where go from here... however looking at current structure -we are congesting in a tighter range along this level and surely a breakout one or the other will be in play - or even perhaps a fakeout followed by a rally? I think we are at quite a pivotal price and level... chose a methodology to enter short when the time arrives... or long when its time... The moves on these higher time frames can be used for day trading.. trade entry... i have linked a post to this one.