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    Technical analysis of EUR/JPY for March 21, 2016 2016-03-21

     

     

     

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    Technical outlook and chart setups:

    The EUR/JPY pair is seen to be consolidating between 125.20 and 126.50 levels as depicted here. The structure still remains intact till prices stay below 127.30 levels going forward. Also note that the pair has reversed from Fibonacci 50% retracement of the drop between 132.25 and 122.00 levels respectively. It is recommended to remain short for now, with risk at 127.00 levels. Immediate resistance is seen around 127.00 levels, while support is at 125.00 levels (interim) respectively. A push above 127.00 would open doors for a test of 128.00/20 resistance.

    Trading recommendations:

    Remain short for now, stop at 127.30 levels, target is open.

    Good luck!


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