05.04.201607:22 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 05, 2016

Long-term review

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Technical outlook and chart setups:

The EUR/JPY pair has reacted well at 128.40/50 levels, dropping lower by 200 pips towards the intermediary trend line support as seen here. The pair is expected to break below the support trend line and continue lower below 122.00 levels going forward. The pair is seen to be testing its counter trend support trend line at 126.00 levels. Please also note that the pair had reversed from 128.40/50 levels earlier, which is also fibonacci 0.618 resistance of the drop between 132.25 and 122.20 levels respectively. It is recommended to remain short with risk above 128.50 levels for now. Immediate resistance is seen at 128.50 levels (interim), while support is at 124.50/60 levels respectively.

Trading recommendations:

Remain short for now, stop at 128.50, a target below 122.00

Good luck!

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