18.02.201505:42 Forex Analysis & Reviews: Forecast and trading recommendations on Yen against EUR & GBP for February 18, 2015

EUR/JPY

In five days, the talks between Greece and the Eurogroup failed twice. The ECB has agreed to fund 60 billion euros on February 5. Today, they will reassess. Ahead of the BOJ monetary policy statement, the yen is trading in a muted note against the euro. The BOJ maintained its interest rates and will continue its QE policy. The prices are forming higher lows and higher highs formation on the h4 chart. This pattern will erases if the prices close below 133.67. The prices are closed and trading above hourly moving averages. The eurozone will be motivated to solve the problem as soon as they can. The cross made a double top at 136.68. The weekly resistance is set between 136.68 and 136.77. A weekly close above these levels leads to 137.60 and 139.50. The prices formed a base support between 132.38 and 132.28. From an intraday view, support is seen at 135.80 and 135.45. We recommend selling below 135.15 with the targets at 134.75 and 134.40. As of now, at today's Asian session, the pair favors buying.

GBP/JPY

The prices are facing strong resistance on the daily descending trend line. At yesterday's session, the cross managed to breach above the daily descending trend line, but was unable to close above it. The prices are rejected thrice from the descending trend line on the daily chart. The weekly support is seen at 181.30 and 181.00. The intraday support is set at 182.40. Until the prices close above 182.40, bulls have an upper hand. We recommend fresh selling below 181.50. Today, traders are focused on the BOJ and BoE monetary policy meeting minutes. The BOJ maintained its interest rates and will continue its QE policy. We recommend fresh buying above 183.40.