Technical analysis of EUR/JPY for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 136.20 at the moment, which is support turned resistance. As we can see here, the pair still remains under a broader cone type of consolidation and needs to break out to confirm its next leg. It is recommended to remain flat for now, and await further confirmation for the same. Immediate support is seen at 134.75/135.00 followed by 134.00, 133.00, and lower, while resistance is seen at the level of 137.00 followed by 138.00/139.00 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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