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Market Analysis

Home » Featured » EURJPY Technical Analysis for November 19, 2015

EURJPY Technical Analysis for November 19, 2015

Posted by FXTimes in Featured - November 19th, 2015 8:51 am GMT

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Chart setups:
The 4H chart view presented here might be indicating that the EURJPY has made an interim low around 130.60 levels. The pair has tested the 131.00 handle again, right after the FOMC yesterday and managed to rally through 132.20/30 levels, before pulling back. Also note that the pair is testing its resistance line and has managed to just break through on the north side. Bulls have managed to remain in control for now and looks like the counter trend rally is now taking shape towards 133.20 and 134.70 levels respectively. Immediate support is seen at 131.00 levels, followed by 130.60, while resistance is seen through 133.20/30 levels and higher respectively. Also, the RSI is around 50 levels and room still remains to reach above 70 levels. Bulls should be poised to extend gains till prices remain above 131.00 levels broadly.
Trading recommendations:
Remain long, move stop to 130.90, target 133.20/30 and 134.50.
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