Technical outlook and chart setups:
The EUR/JPY pair got through 129.50/60 levels as expected and discussed earlier. Please note that the pair is testing a sloping resistance line around the same region. Furthermore, the fibonacci 0.618 resistance is also passing through the same region. A bearish reversal here would bring bears back in control and the pair could head towards a fresh swing low below 126.00. It is recommended to book profits on the long positions taken yesterday and wait for a reaction here. Immediate support is seen at 127.80/128.00 followed by 127.00, 126.00, and lower while resistance is seen at 131.50 and higher respectively.
Trading recommendations:
Book profits on long positions taken earlier, remain flat for now.
Good luck!
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for April 24, 2015 . Thanks for your support.
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