19.02.201512:11 Forex Analysis & Reviews: Technical analysis of EUR/JPY for February 19, 2015

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Technical outlook and chart setups:

The EUR/JPY pair rallied higher into the levels of 136.00 today before pulling back. The air is trading at the levels of 135.40/50 for now and should be poised to rally higher towards the levels of 137.50 and 138.50, respectively. It is hence recommended to remain long and to look to add during intraday dips. Immediate support is seen at 135.00 (interim) followed by 134.00, 133.50 and lower, while resistance is seen at the levels of 137.50, followed by 138.50, 142.30, respectively. Bulls seem to be in control for now and poised to push higher towards 138.00 for now.

Trading recommendations:

Remain long. Stop is at 133.00, target is 137.50/138.00.

Good luck!

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