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10.06.201509:27 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 10, 2015

Long-term review

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Technical outlook and chart setups:

The EUR/JPY seems to have resumed its donward move by hitting lows around 138.40 before pulling back towards the level of 139.20. The pair is forming an evening star bearish candlestick pattern on the daily chart at the moment. Please also note that it is respecting the fibonacci 0.618 resistance levels as well. There is a high probability of a push lower from current levels until prices remain below 141.00. It is hence recommended to remain short with stop around the level of 142.50 . Immediate support is seen at 138.00 followed by 135.00, 133.00, and lower. Resistance is seen at 141.00 followed by 142.00 and higher respectively.

Trading recommendations:

Remain short for now, stop is at 142.50, a target is open.

Good luck!

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