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    Technical analysis of EUR/JPY for April 24, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair got through 129.50/60 levels as expected and discussed earlier. Please note that the pair is testing a sloping resistance line around the same region. Furthermore, the fibonacci 0.618 resistance is also passing through the same region. A bearish reversal here would bring bears back in control and the pair could head towards a fresh swing low below 126.00. It is recommended to book profits on the long positions taken yesterday and wait for a reaction here. Immediate support is seen at 127.80/128.00 followed by 127.00, 126.00, and lower while resistance is seen at 131.50 and higher respectively.

    Trading recommendations:

    Book profits on long positions taken earlier, remain flat for now.

    Good luck!

    Uitgevoerd door, Analytische expert
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