27.01.201608:17 Forex Analysis & Reviews: Technical analysis of EUR/JPY for January 27, 2016

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair has taken out initial resistance at 128.50 and must be looking for an opportunity to move through the level of 129.00 before producing a meaningful retracement. The pair has broken above the immediate line of resistance, which is encouraging for bulls. It is expected to drop lower towards 127.10/20 before resuming its previous rally. It is recommended to remain flat for now and wait for a reaction at the level of 127.20. Immediate support is seen at 126.00, while resistance is seen at 129.00.

Trading recommendations:

Remain flat.

Good luck!

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