Technical outlook and chart setups:
The EUR/JPY rally should continue until prices remain above 126.00. Please note that the pair has formed a bullish tweezer bottom candlestick signal yesterday indicating higher probability for a rally. It is recommended to remain long, with stop below the level of 126.00. Immediate support is seen at 126.00 (interim) followed by 125.00 and lower while resistance is seen at 131.00/50 followed by 136.00/50 and higher respectively. Bulls are poised to target at least 136.50 before producing a meaningful retracement.
Trading recommendations:
Remain long stop below 126.0,0, a target is open.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for April 16, 2015 . Thanks for your support.
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