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    Technical analysis and trading recommendations on Yen against EUR & GBP for February 23, 2015

    EUR/JPY

    Greece got a four-month bailout extension, instead of the original six. Today, Greece has to provide a list of reform measures to the eurozone. The BOJ monetary policy meeting minutes have been released. The members agreed the Japanese economy is steadily recovering on exports. Exports had shown signs of picking up. At the early Asian session, the euro is trading lower against the Yen. The cross has immediate support at 135.25. On the h4-chart, the prices are making lower lows and lower highs formation. The weekly resistance is found between 136.60 and 136.90. The cross made a double top at 136.68. On the down side, the prices formed a base support between 132.38 and 132.28. The intraday resistance is set at 135.95. We recommend selling below 135.25 with the targets at 135.00, 134.75, and 134.40. Besides, you are recommended fresh buying above 135.80 with the targets at 136.00, 136.25, and 135.65. The overall picture favors bears.

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    GBP/JPY

    The Cable continues its rally against the Yen for four weeks in a row. The prices are facing strong resistance at the 23.6 fib level and the bullish top end channel. The prices gave an upside breakout on the daily chart and closed above it. The pair is facing strong resistance at 184.20. If the prices close above 184.20, bulls can challenge 187.00. The prices formed a support base at 181.50. The weekly support is seen at 181.90 and 181.00. The pound favors buying on dips against the cross currencies. The intraday support is found at 182.80. We recommend buying with sl 182.80 with the targets at 183.50, 184.00, and 184.15. The BOJ monetary policy meeting minutes have just been released. Until the cross closes above 181.50, the long trade remains in play. We still recommendg buying at 177.00.

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    Uitgevoerd door, Analytische expert
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