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Technical analysis of EUR/JPY for August 18, 2015

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Technical outlook and chart setups:

The EUR/JPY pair is correcting lower and is seen to be testing its 50 DMA around 137.50 levels for now. Please note that the cone consolidation resistance turned support is around 137.00 levels and the pair could bounce back higher if prices manage to reach there. Extension levels are seen at 139.40 and 140.50 levels respectively. It is recommended to initiate long positions around 137.00 levels with risk below 136.00 levels for now. Immediate support is seen at 137.00 levels, followed by 136.50/60, 135.50, 134.00 and lower while resistance is seen at 140.50 and higher respectively.

Trading recommendations:

Remain flat for now, look to enter long around 137.00 levels.

Good luck!

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