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Technical analysis of EUR/JPY for June 04, 2015

EUR/JPY- The cross broke bullish inverse head and shoulder pattern at Tuesday's session. The cross managed to close above all the moving averages in all time intervals. After 4 months, the cross managed to cross the 20MSma at 138.75. The pattern's target at 143.90 can expand to 148.00 and 150.00. Intraday support is found at 139.80 and 139.40. We recommend intraday buying above 140.15 with targets at 140.30, 140.50,140.70, and even 140.85. Small bearish trade is available below 138.80 with targets 138.40. The real selling pressure is likely to emerge below 138.00. We stoped the bullish story of EUR/NZD on April 30, 2015 at 1.4570, EUR/CAD on May 07, 2015 at 1.3657, and EUR/AUD on June 02, 2015 at 1.4450.

 

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



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