Technical analysis of EUR/JPY for February 01, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading in the area of 131.50/60 right now after reversing from 132.32 last Friday. The pair is seen to hit the trend-line resistance and Fibonacci 0.618 as well s depicted on the daily chart view. It is expected to resume the bearish trend from here until prices stay broadly below 134.50. It is hence recommended to remain short now with risk at 134.50. Immediate resistance is seen at 134.50 followed by 137.00, while support is seen at 129.00 and lower.

Trading recommendations:

Remain short with stop at 134.50.

Good luck!

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