EURJPY Technical Analysis for December 02, 2015
Posted by FXTimes in Featured - December 2nd, 2015 6:24 am GMT
The daily chart presented here clearly indicates that finally a bullish morning star candlestick pattern has appeared around the fibonacci 0.786 support levels at 129.50/60. Bulls should remain poised to take control from here and at least produce a meaningful retracement, if not an extended rally above 141.00 levels. Please note that initial resistance should be seen towards 131.00 levels, followed by 132.20/30 levels, while support remains intact at 129.50/60 levels respectively. Also take note that a push through 136.00/137.00 levels would be required to confirm a rally past 141.00 levels. Any intraday dip ahead of 129.50/60 levels should be considered as opportunities to initiate long positions. Furthermore, the RSI has turned sharply from the 30 levels, which is bullish again.
Long now, stop at 129.00, target is open.