Technical outlook and chart setups:
The EUR/JPY has been stalling around 139.00 for now. Please also note that the pair has produced an evening star bearish candlestick pattern on the daily chart around fibonacci 0.618 resistance, of the drop from 141.00 to 133.00 levels respectively. A push through 138.80 from here would open doors to 140.50 levels in the near term. Past resistance turned into support is at 137.00 levels at the moment. It is recommended to still remain flat for now, looking for the pair to bounce off 137.00 levels to enter again. Immediate support is seen at 137.00 levels, followed by 135.50, 135.00, 134.00 and lower, while resistance is seen at 139.20, followed by 140.50 and higher respectively.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for August 17, 2015 . Thanks for your support.
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