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12.02.201502:53 Forex Analysis & Reviews: Technical analysis and trading recommendations on Yen against EUR & GBP for February 12, 2015

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THE YEN AGAINST EUR & GBP

Greece and the Eurogroup are discussing a bailout extension. The press conference has just been over. At yesterday's meeting, the parties reached no accord. Jeroen Dijsselbloem stated, "We discussed the possibility of an extension for Greece. For some people, it was the preferred option, but we haven’t come to that conclusion yet. We might make the final progress we need at the Eurogroup meeting next Monday." These words favor the Yen.

EUR/JPY. We recommend fresh buying only above 136.70. At yesterday's session, the pair was unable to breach above 20Wsma and 136.70. The cross made a high at 136.68 and closed at the highest point of the day. The pair is trading at a 2-week high. We recommend fresh buying above 136.70 with the targets at 137.00, 137.30, and 137.60. Today at the Asian session, the pair is unable to breach yesterday's high at 136.68. At yesterday's session, we recommended buying above 135.35 with the targets at 136.10, 136.50, and 137.00. The pair made a high at 136.68. The intraday support exists at 136.00, 135.50, and 134.60. We recommend safe selling only below 134.50 with the targets at 134.00 and 133.70. Panic will be triggered below 133.60. The prices formed a base support between 132.38 and 132.28.

Intraday key resistance level is set at 136.70 and support is at 134.60.

Risk trade: sell at the market price of 136.30, sl 136.70.

GBP/JPY. We recommend fresh safe buying only above 184.00. Risk buying is possible above 183.65. At yesterday's session, the pair broke out above 50Dsma and closed above it. Today at the Asian session, the cross is unable to breach above yesterday's high. The pair is trading at a 5-week high. We recommend fresh buying above 184.00 with the targets at 184.40, 184.80, 185.00, and 185.25. At yesterday's session, we recommended buying above 182.40 with the targets at 184.00 and 186.80. The pair made a high at 183.95. The intraday support exists at 183.95, 182.70, and 181.80. We recommend safe selling only below 182.60 with the targets at 182.30, 182.00, and 181.80. Panic will emerge below 180.80. We still recommend buying at 177.00.

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