Technical analysis of EUR/JPY for October 15 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has dropped to expected levels around the 135.00 levels for now. Besides, please note that the Elliott channel is also passing through the 134.80 levels, which could provide the necessary support and bounce. It is hence recommended to initiate 50% long positions at current levels and the remaining, around 134.70/80 levels if prices manage to reach it. Immediate support is seen around the 134.50 levels, followed by 133.00 and lower, while resistance is seen at the 137.00 levels, followed by 138.00/139.00 and higher.

Trading recommendations:

Initiate long positions between 134.75 and 135.10, stop is at 134.00, target is open.

Good luck!

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