Technical analysis of EUR/JPY for June 06, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has hit fibonacci 0.618 resistance of a drop from 149.00 50 126.00 , around 141.00 levels as seen on the daily chart. The pair might have formed a meaningful top now and looking to resume its down swing below 126.00. Also note that a potential bearish candlestick pattern (tweezer top) has been also formed, indicating a change in its direction. It is hence recommended to remain short with risk above 141.50. Immediate support is seen at the level of 139.00 (interim), followed by 138.00, 136.00, 134.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 141.50 a target is open.

Good luck!

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