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Forecast and trading recommendations on EUR/JPY for February 10, 2015

EUR/JPY. The cross has a parallel resistance at 135.35. The pair is facing strong resistance at 20Dsma for 3 days in a row. On the h4 chart, the prices have been making higher lows and higher highs formation. The prices formed base support between 132.38 and 132.28. The prices are closed and trading below hourly moving averages. The strong selling will emerge in case if the prices close below 132.28 with the downside targets at 131.20, 130.00, and 129.25. Selling on an upmove continues, until the prices close above 135.35 20Dsma on a daily basis. The monthly resistance exists at 138.20 and weekly resistance is set at 135.35. We recommend fresh buying above 135.35 only. We recommend selling below 133.90 with the targets at 133.67, 133.40, 132.75, 132.50, and 132.00. The panic will be triggered below 132.28 on a daily closing basis.

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