Technical outlook and chart setups:
The EUR/JPY pair is trading around the level of 133.20/30 after bouncing from 132.50 yesterday. The pair tested its immediate resistance trend line as seen here dropping lower. Bearish reversal is taking place now, prices are expected to drop below the level 132.50. It is hence recommended to initiate 50% short positions now with risk around 134.80. Immediate support is seen at the level of 132.50 followed by 131.00 and lower, while resistance is seen at 134.50. Bears should remain in control until prices stay broadly below the level of 134.50.
Trading recommendations:
Initiate 50% short positions with stop at 134.80, a target is open.
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 December 15, 2015 . Thanks for your support.
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