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02.11.201509:35 Forex Analysis & Reviews: Technical analysis of EUR/JPY for November 02, 2015

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair trades around 132.90 levels for now, looking to extend its rally through 137.00/138.00 levels at least, before producing any meaningful retracement. Please note that the pair has produced a bullish engulfing reversal candlestick pattern last week, indicating a potential rally ahead, on the daily chart view. Besides note that the fibonacci 0.618 support has also been held, and prices reacted around the same region. It is safe to assume that bulls are expected to remain in control till prices stay above 132.00 levels. It is hence recommended to remain long with risk just below 132.00 levels. Immediate support is seen at 132.00 levels, followed by 130.00 and lower, while resistance is seen at 137.00 and higher respectively.

Trading recommendations:

Remain long, stop below 132.00, a target is open.

Good luck!

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