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Market Analysis

Home » Featured » EURJPY Technical Analysis for December 02, 2015

EURJPY Technical Analysis for December 02, 2015

Posted by FXTimes in Featured - December 2nd, 2015 6:24 am GMT

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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.
Trading recommendations:
Long now, stop at 129.00, target is open.

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