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    Technical analysis of EUR/JPY for October 09, 2015

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    Technical outlook and chart setups:

    The EUR/JPY pair is approaching resistance around the 137.00 levels for now. Besides, please note that the pair has hit its first Fibonacci target around the 136.77 levels as well. It would not be a surprise if the pair corrects itself before rallying further again. It is therefore recommended to exit long positions for now and look to re-enter at lower levels again. Immediate support is seen at the 135.00 levels followed by 134.00, 133.00 and lower, while resistance is seen at the 137.00 levels (interim) followed by 138.00/139.00 and higher respectively.

    Trading recommendations:

    Exit long positions and remain flat for now.

    Good luck!

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