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Technical analysis of EUR/JPY for December 07, 2015

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Technical outlook and chart setups:

The EUR/JPY pair pulled back from the level of 134.50 last Friday and is trading around 133.96 at the moment. The pair has stalled its rally around the Fibonacci 0.618 resistance, of the drop between the levels of 127.00 and 129.50 at 134.50 respectively. Furthermore, the trend-line resistance is also passing through the same region as seen here. The pair is expected to turn lower till 134.50 remains intact. Immediate support is seen at the level of 133.30 and lower, while resistance is seen at the level of 134.50 (interim) followed by 136.00, 137.00, and higher. A push above 137.00 would confirm a turn in the long-term trend.

Trading recommendations:

Exit long positions. Initiate 50% short positions with stop at 135.70.

Good luck!

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