Technical analysis of EUR/JPY for October 12, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is facing resistance above the level of 137.00 trading at the territory around 136.50/60 at the moment. It is quite possible that the pair drops lower towards 135.50 before turning bullish again. It is recommended to remain flat for now and look for an opportunity to buy at lower levels. Immediate support is seen at 134.50 followed by 133.50/25, 132.00, and lower, while resistance is seen at 137.00/30 followed by 138.00/139.00 and higher. Watch for 135.00/50 where support is likely to be found.

Trading recommendations:

Remain flat now.

Good luck!

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