Technical analysis of EUR/JPY for July 23, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 136.10/15 at the moment. Please note that the pair had taken fibonacci 0.786 support at 134.00 levels earlier and resumed its rally. The pair is expected to inch higher towards 139.00 and 140.00 respectively. It is hence recommended to hold long positions taken earlier, and also look for an opportunity to add further during intraday dips. Immediate support is seen at 135.00 (interim), followed by 134.00, 133.00, and lower while resistance is seen at 137.00 (interim) followed by 139.00, 140.00, and higher respectively.

Trading recommendations:

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

Good luck!

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