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    Technical analysis of EUR/JPY for February 08, 2015 2016-02-08

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    Technical outlook and chart setups:

    The EUR/JPY pair re-tested a low of 130.00 and bounced back higher. The pair is trading around the level of 130.75 now and is about to hit the first short-term resistance level of 130.90 (not shown here but it is the Fibonacci 0.382 ratio of a drop from 132.25 to 130.00). Please note that the pair has dropped from the trend-line resistance around 132.25 earlier and could be retracing now before dropping lower again. Only a push above the level of 132.25 would nullify the bearish view and turn focus towards 134.50. It is hence recommended to remain short from earlier levels with a risk around 134.50. Immediate support is seen at the level of 129.00, while resistance is seen at 132.25 (interim).

    Trading recommendations:

    Remain short now with stop above 134.50, a target is open.

    Good luck!

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