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    Technical analysis of EUR/JPY for March 31, 2016 2016-03-31

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    Technical outlook and chart setups:

    The EUR/JPY pair is trading higher at 127.55 levels. As depicted on the daily chart view, the Fibonacci 0.618 resistance is seen at 128.30 levels going forward. Also a trend line resistance is seen close to those levels, raising probability for a bearish reaction. The pair is testing past support that was turned into resistance zone at 127.55 levels as well, and a bearish bounce could resume its larger downtrend. Hence it is recommended to watch out for a reversal between 127.50 and 128.40 levels to go short again. Immediate resistance is seen around 128.20/30 levels, while support is seen through 125.00 levels respectively. Only a break above the resistance trend line and subsequently above 132.20 levels would confirm a change in trend.

    Trading recommendations:

    Remain flat for now, look to sell around 128.30/40 levels.

    Good luck!

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