Technical analysis of EUR/JPY for February 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair remains unchanged for now with upside potential intact towards the levels of 137.50/138.00 at least. Please look at the larger picture again: "The pair has dropped in 5 waves from 149.80 to 130.00. The rally from the levels of 130.00 is wave 1 within the expected 3 wave correction towards the levels of 142.30 at least." It is hence recommended to remain long for now, with risk at 133.50. Bulls are expected to remain in control untill at least the levels of 138.00 from here. Immediate support is seen at 134.70 (interim) followed by 133.50, 132.30 and lower, while resistance is seen at 137.50/138.00 followed by 142.30 and higher, respectively.

Trading recommendations:

Remain long; stop is at 133.50, target is 137.50/138.00

Good luck!

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