FX.co ★ Technical analysis of EUR/JPY for April 23, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level at 128.00 at the moment after it pulled back to 129.00 yesterday. The pair has been trading between 129.00 and 128.00 for last 2 trading sessions now and might be preparing to move higher towards 129.50, which is also the fibonacci resistance level of 0.618. It is recommended to exit short positions taken earlier and initiate 50% long positions at the current levels with risk at 127.00 for now. Immediate support is seen at 128.00 (interim) followed by 127.00, 126.00, and lower, while resistance is seen at 129.00/50 followed by 131.00/50 and higher respectively.

Trading recommendations:

Exit short positions taken earlier. Initiate 50% long positions, stop at 127.00, a target is open.

Good luck!