Technical analysis of EUR/JPY for July 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around the 135.00 levels at the moment. Please note that 135.00 is Fibonacci 0.618 support of the rally between 133.30 and 137.80 levels, respectively. The pair is expected to resume rally from the current levels and push through 140.00 and higher levels subsequently. It is hence recommended to remain long for now and also to add further positions with risk at the 133.00 levels. Immediate support is seen at the 133.30 levels followed by 133.00, 131.40 and lower, while resistance is seen at 137.50 (interim) followed by 139.00, 140.00, 141.00 and higher respectively.

Trading recommendations:

Remain long for now and also add further; stop at 133.00; target is open.

Good luck!

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