Technical analysis of EUR/JPY for October 13, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is preparing to drop lower towards at least the 135.00/50 levels before turning bullish again. The pair could also drop to the Elliot channel support as depicted here, passing below the 135.00 levels for now. It is hence recommended to remain flat for now and look to buy lower. Immediate support is seen at the 135.50/60 levels (Fibonacci 0.382) followed by 135.00/10, 133.00 and lower, while resistance is seen at the 137.00 levels (interim) followed by 138.00/139.00 and higher. The pair is expected to remain in control of bulls until prices stay above the 133.00 levels broadly.

Trading recommendations:

Remain flat for now.

Good luck!

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