Technical analysis of EUR/JPY for January 13, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair drops marginally below 140.00 levels for now taking stops out at 139.50. The pair could still turn bullish from current levels since it remains within the fibonacci 0.618 support at 140.00 levels as seen here. A bullish turn around from current levels could be bought aggressively, with risk just below 139.50. Immediate support is seen at 137.00, followed by 136.00 and lower while resistance is seen at 141.50/142.00, followed by 145.00, 147.00 and higher up respectively. The fall from 149.80 levels could still be treated as corrective in nature and bulls can regain control back till the pair remains above 134.00/135.00 levels.

Trading recommendations:

Remain flat for now. Turn bullish again on a turn around at current levels, stop at 139.00, the target is open.

Good luck!

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