22.06.201505:59 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 22, 2015

The cross has been making multiple tops on the level of 141.04 (61.8 fib level) in the weekly chart. In may be a weekly triple top. The parallel weekly resistance is seen at 141.22. Until the cross closes above 141.25, the near term is likely to be cap. In case bulls manage to take off the cap, big moves will loom above 141.25 towards 144.00 and 145.50 in the near term. On the down side, bulls are likely to find strong support at 137.50 and 137.30. At the end of this month, bulls are expected to close above 138.70. The cross gave a break by inverse head and shoulder pattern at 136.70. Until the pair closes below 141.25, bears are expected to re-test 137.70, 137.00, and 136.00.

Intraday: The support found at 139.40 and 139.20. Resistance is seen at 139.65, 140.10, and 140.65. Risky buying is available above 139.70 with targets at 140.00 and 140.50; safe buying is available above 140.00. Selling is expected below 139.20 with targets at 138.95, 138.80, and 138.50. The cross has been heading lower highs and lower low. The cross has fell below a month ascending support trendline and closed below that.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com