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

Technical outlook and chart setups:

The EUR/JPY pair is trading around at the levels of 135.28/30 at the moment, looking for an opportunity to resume its rally towards 139.00 and higher subsequently. Please note that the pair could still retrace lower towards 134.50/60 since fibonacci 0.618 support is falling there. It is hence recommended to remain long for now with risk around 133.00. Immediate support is seen at the level of 135.00 followed by 134.50, 133.00, and lower. Resistance is seen at 139.00, followed by 140.00, 141.00, and higher respectively.

Trading recommendations:

Remain long for now, stop is at 133.00, a target is open.

Good luck!

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