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    Technical analysis of EUR/JPY for March 06, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair pushed through 133.50/60 levels yesterday before pulling back lower towards 132.20 levels again. The pair has produced an indecision (doji) candlestick pattern on the daily chart view yesterday, indicating a potential reversal higher. It is recommended to remain long from yesterday with risk at 130.00 levels. Bulls are expected to take control back from current levels and push higher towards 140.36 levels as depicted here. Immediate support is seen at 130.00 while resistance is seen at 136.50/60 (interim), followed by 137.50/138.00 and higher respectively.

    Trading recommendations:

    Remain long, stop at 130.00, a target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

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