Technical analysis of EUR/JPY for January 13, 2016. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair continues to drift sideways for now within 127.50 and 128.50 levels respectively. The pair should be looking to stage at least a counter trend rally towards 130.50 levels in the sessions to come. Please note that a short term resistance line is also passing through the 130.50 levels; a break higher would lead towards 132.50.60 levels heading for the next resistance line. It is recommended to remain flat for now and wait for further evidence to initiate positions. Immediate support is seen at 126.75 levels while resistance is seen at 130.75 respectively. Bulls would remain poised to remain in control till prices stay above 126.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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