Technical analysis of EUR/JPY for February 03, 2015 Market Analysis Review

Technical outlook and chart setups:

An hourly chart of EUR/JPY has been depicted here, which confirms that the pair continues to range trade between 132.00 (Support) and 134.00 (Resistance) since several trading sessions. The pair is expected to break higher above the levels of 134.00 and reach 137.50/138.00 soon enough. On the flip side, a break below 132.00 and subsequently 131.00 could prove to be extremely bearish and test 130.00 handle again. Probability remains high for a break higher, hence it is recommended to hold long positions, risk at 130.00. Support for now is 132.00, followed by 131.50 and lower while resistance is at 134.00, followed by 137.50/138.00, respectively.

Trading recommendations:

Remain long for now, stop at 130.00, target 138.00

Good luck!

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