09.02.201607:45 Forex Analysis & Reviews: Technical analysis of EUR/JPY for February 09, 2016

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair continues to slip lower as expected and discussed earlier. The pair is trading around the level of 128.45 now and is expected to find interim support around 128.00. Bears are expected to remain in control until prices stay broadly below the level of 132.50. It is hence recommended to remain short now. Immediate support is seen at 128.00 and resistance is seen at 132.25. Please note that the pair had reversed from trend-line resistance and Fibonacci 0.618 levels as depicted on the chart. High probability remains for a fresh swing low below 126.00.

Trading recommendations:

Remain short and move stop to break even levels, a target is below 126.00

Good luck!

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