Technical analysis of EUR/JPY for January 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be retracing at the moment, after printing highs around 137.50/60 levels yesterday. The pair is seen to be trading at 136.20 levels for now, after forming lows at 135.70 levels earlier. Please note that 135.70 levels is Fibonacci 0.618 support of the rally from 134.20 to 137.60. It is still recommended to hold long positions taken earlier and also to look for adding more longs at current levels. A bullish bounce from here is expected to push the pair higher through 140.00 region as depicted here (red color). Immediate support is at 134.00 and lower while resistance is seen at 140.30/40 levels (Fibonacci). Bulls are expected to remain in control as long as prices remain above 134.00.

Trading recommendations:

Remain long, stop below 134.00, target is open.

Good luck!

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