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    Technical analysis and trading recommendation of crosses EUR/YEN & GBP/YEN for March 19, 2015

    GBP/JPY

    The cross enjoyed a relief rally like other pairs at the yesterday's session after the FOMC meeting. The yen gains the leadership quality after the Federal Reserve meeting. Profit booking actions take place on the US dollar, leadership status shifted to the yen. The yen is trading higher against USD, EUR, and GBP. The EUR/YEN and GBP/YEN crosses flew towards the level of 50.0 fib at the yesterday's session. But EUR and the pound flew towards the level of 61.8 fib. We can expect strong upswing above 181.10. At early Asian session, the yen trading higher against EUR & GBP. Intraday support is seen at 178.60. Safe traders can selling below 178.60. Risky traders can sell at 179.60 with sl 180.20. Until the price closes below 181.50 bearish views remain in play.

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    EUR/JPYAfter a deep correction, bulls enjoyed relief intraday rally. At the yesterday's session, the cross managed to move above 200M,200Msma and 200WEma. If bulls want to regain their strength, they must close above 130.15 on a weekly closing basis. The cross is enjoying its 3-day winning streak. Parallel resistance is seen at 131.80 20Dsma. At the yesterday's session, the pair hit a high at 131.67 and closed below that. We can expect a strong upswing above 131.85. At today's Asian session, the euro is trading higher against JPY. Intraday support is at 130.00 and 128.95. We recommend selling below 130.00 and expect panic to trigger below 128.30. On the higher side, we recommend buying above 131.85 with targets at 133.00 and 133.50. Until the price closes above 128.30, bulls remain have an upper hand.
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    To contact the author of this story, please email- joseph.wind@analytics.instaforex.com

    Uitgevoerd door, Analytische expert
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