Technical Analysis of EUR/JPY for May 19, 2016
Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading at 123.45 levels at this moment, after reversing from 123.90 levels yesterday. The pair should remain in control of bears till prices stay below 124.60 levels going forward. On the flip side though, a push above 124.50 would open doors for a test of 126.50/60 levels. Please note that the pair has bounced off fibonacci 0.618 resistance as depicted here, and hence a high probability remains for a drop lower below 121.40, going forward. It is recommended to remain short now, with risk above 124.50 levels. Immediate resistance is seen at 124.50/60 levels, while support is seen through 122.00 levels respectively.
Trading recommendations:
Remain short now, stop at 124.60, target is open.
Good luck!
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