Technical analysis of EUR/JPY for February 10, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair might be preparing to break higher, above the handle of 135.00 now. The pair has been facing resistance for some time at the levels of 135.00; and a break higher could raise the pair quickly into the region of 137.50/138.00. Therefore, it is recommended to hold long positions taken earlier and to look to add fresh ones above 135.00/30 as well, risk remains at 132.50 for now. Immediate support is also seen at 132.50 followed by 130.00 and lower, while resistance is seen at 137.50/138.50 followed by 142.00 and higher, respectively.

Trading recommendations:

Remain long for now; stop is at 132.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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